Insurance is an important component of planning, since it is a building block in any financial plan. It is often a very cost effective method of reducing risk. For example, while an individual is young and has significant debt, term life insurance may be an inexpensive way of providing protection for family members or business partners. This works well until the insured individual has time to accumulate assets and pay off debts. Consider the various types of personal insurance: auto, liability, disability, and life insurance. For each of these insurances, describe the following:Is it a necessity or a waste of money? Why?Which of these four would you consider most important? Why?