Which insurance segment involves preparing for future financial needs and unforeseen events?

Wealth management involves preparing for future financial needs and unforeseen events by providing strategies and solutions to help individuals grow, preserve, and manage their wealth over time. This segment focuses on a holistic approach to financial planning that includes investment management, estate planning, tax strategies, and retirement planning. By addressing various financial objectives and risk management needs, wealth management ensures that clients are equipped to handle potential future financial challenges and opportunities.

In contrast, pensions primarily focus on providing income during retirement, generally set aside during an individual’s working life. Life assurance is centered on providing financial protection to beneficiaries upon the death of the insured, while general assurance encompasses a range of insurance products that protect against various risks, like property or liability. While these other options offer important financial security, they do not encapsulate the broader range of future planning and wealth-related services that wealth management provides.