Financial planning is the process of setting, prioritizing, and achieving financial goals. It's important because it helps you manage your income, expenses, investments, and savings effectively, ensuring financial stability and security for the future.

To start financial planning, begin by assessing your current financial situation. This includes understanding your income, expenses, debts, and savings. Set specific, measurable financial goals, create a budget, and plan for savings and investments. Regularly review and adjust your plan as needed.

Your financial plan should include a budget, an emergency fund, insurance coverage, investment strategies, retirement planning, and estate planning. Each of these components plays a crucial role in securing your financial future.

Health insurance is a critical component of financial planning. It protects you from the high costs of medical care, ensuring that a health crisis does not derail your financial goals. By covering expenses for treatments, hospital stays, and sometimes even preventive care, health insurance helps you maintain financial stability in the face of health uncertainties.

Accident insurance provides coverage specifically for injuries resulting from accidents. It typically covers medical expenses, loss of income during recovery, and sometimes death or dismemberment benefits. Life term insurance, on the other hand, provides a death benefit to your beneficiaries if you pass away during the term of the policy. Both are important as they offer financial protection in different scenarios: accident insurance for unforeseen injuries and life term insurance for providing for your family in case of your untimely death.