However, for the more well-to-do among the population, they also seek to protect another aspect, namely, the wealth they have accumulated in their lifetimes.
In the modern day, most, if not all are familiar with the concept of insurance. In short, in exchange for a premium paid, a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death.
Most of us are familiar with the usual policies one takes up, such as life insurance, critical illness, and hospital insurance. These policies protect a person from being saddled with huge bills should they fall ill, or when they pass on, that their dependents' needs are taken care of with the insurance payout.
