Insurance planning is vital for financial security.

The concept of insurance or wealth protection is often neglected. People are so interested on making money but often neglect the other side of the coin. However, I do not blame people who think that they do not need insurance because the industry itself does not have a very good image.

Some insurance agents can be very unreasonable and make consumers buy insurance policies that are beyond their financial capabilities. With that, people often complain that they are paying too much insurance premiums.

As a financial planner myself, I like to meet up with people and ask them about their financial situation. I often engage in conversations with strangers. One day, I took a cab with my family and I started a conversation with the taxi driver. I asked him whether he is a part- time taxi driver or he has a day job.

He told me that he has a day job at a bank as a clerk and he has to work part- time because he has to pay for his late wife medical bills. I was shocked when I heard his story and asked him more about what had happened.

He went on and told me that his wife was contracted with breast cancer and he had to pay for his wife medical bills, on top of that, he has 2 daughters who were young and still schooling. When I asked him how come he did not have any insurance coverage for his wife, he told me softly that he had overlooked on that matter.

Even after his wife’s departure, he has to have two jobs because he has to pay for his late wife’s medical bills. He advised me to get some insurance coverage and told me that a misfortune can change a man’s life.

I am sure that everyone needs some kind of insurance in their life. I am also sure that you do not want to take another job to pay off your liabilities. The only thing is to get a financial planner or an insurance agent who is reliable and responsible. Wealth accumulation is as important as wealth protection. We do not know what lies in front of us; however, we must also be responsible and anticipate what may come in the future.