Explain the roles of insurance in financial planning.

Explanation should include the following insurance roles:

• Protection against the risk of financial loss due to disability, unemployment, long-term care, death, or other occurrences
• Provision for retirement income
• Accumulation of savings (e.g., for family expenses)
• Provision of cash value that can be borrowed
• Understanding the benefits of Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA)

Explanation should also emphasize the need for periodic reviews of insurance coverage to reflect life changes.