You have health insurance, home and auto insurance, and life insurance to mitigate financial risks that arise from unforeseen circumstances. Although you never want to use it, you would never consider being uninsured.
Your plan will help you assess the risks you can take off the table with insurance. Then, using it as a guide, you’ll be able to make informed decisions about the kinds of insurance you need and how much you should have.
Also, evaluate the insurance you currently have in place. Often, insurance products that made sense in the past no longer serve their intended purpose. There are also variations of insurance that include an investment component. It’s wise to perform an insurance analysis to confirm that every policy is appropriate to the situation.