To achieve financial independence, insurance will form a critical piece of one's financial armour. The keyword here is protection.
Life is like a box of chocolate....you never know what you're gonna get. Critical illness may strike and inevitably inflict a heavy toll in the painstaking built up of investments and savings. Also, if one were to pass away suddenly, it would be totally irresponsible to leave your loved ones struggling on their own.
A responsible man thus must always channel whatever resources he has into obtaining sufficient protection even before embarking on the road to accumulating wealth via investments....on a personal note....this is my number one golden rule in financial planning. It is plain stupidity to argue that one should channel all resources into investments as soon as possible to take advantage of the higher yield. Insurance is never a creature of investment....it is the armour to protect loved ones from the harsh and cruel events that fate may deal on us.
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