During the journey of this life, we come across many important events like starting new job/business, job location change, marriage, childbirth, education of children, their marriage, buying a dream home, retirement, inheritance of wealth, etc. We also face many risks in life like risk of untimely death of breadwinner in family, disease/disability, business or job loss, longer post-retirement life, etc.
These events and risks affect our life with their financial implications. We need specific amounts of money at specific points of time in our life for the specific obligations. Although we cannot make up for the emotional loss due to certain eventualities like job loss, illness, accidents and death, we need to remain prepared and protected in advance against the financial stress in such situations by proper insurance, savings and investments.