The majority of people take out some form of insurance in their lifetime.
It can be motor insurance, fire and theft cover, buildings cover, critical illness etc. etc. All of these protect against future potential accidents or happenings and of course death where life assurance is taken out. Annual premiums are paid on these policies to cover such eventualities.
They are all fine but have you considered what happens if you are no longer capable as a result of the event to deal with the receipt of the policy proceeds? A motor accident, a stroke or the onset of dementia could each result in you becoming incapable of managing your own affairs even though you are still alive. Who then would sort out your car, your business and financial affairs,your home and health matters?
This is when a Lasting Power of Attorney clicks in and a person you have appointed Attorney can deal with all the matters on your behalf. For a small one off premium you can insure yourself for anytime in the future where this happens.
The other point worth considering is whether your family and loved ones will benefit from the proceeds of your insurances as usually these will form part of your estate on death. If you have not already stated who will benefit from your estate on death then they could inadvertently find their way to other beneficiaries as a result of intestacy. A Will therefore is a final insurance policy to cover the situation.Again with a one only premium.
So you see that a Lasting Power of Attorney and a Will are really cheap forms of insurance designed to protect for the future.