The role of insurance
The extent to which you need insurance will depend on a number of factors personal to your own situation, including available financial resources, lifestyle spending, financial commitments and family health history. Perhaps a more important factor is your own view on insurance and if it is a good use of the family wealth to take the risk of self-insuring. In addition, in the case of inheritance tax, much will depend on your views on wealth succession and if you are concerned to replace any wealth lost to the State in tax upon your demise.
In the context of your wealth plan, there are six possible uses of insurance:
- to protect against loss or damage to material assets like property, vehicles and possessions using ...