Everyone is talking about the need for comprehensive national health insurance coverage, which will come about in some form or another if it doesn't get talked to death. But no one brings up the need for what I call "wealth insurance," the protection of the investing public against financial scams and complexities. There's a crying in for that coverage through regulation and education.

When I say "wealth," I'm not suggesting that we make everyone "wealthy," but simply help them grow and protect their investment assets so that they will enjoy a comfortable retirement. They can no longer depend solely on Social Security, even when sweetened by a company pension plan, because Social Security might sag or go broke and not everyone has a company plan to fall back on. Too many people go into retirement virtually dead broke and the current economic meltdown has not helped prospects.

There's no "policy" to be taken out on wealth insurance, but the concerted efforts by the government and academia and the personal commitment of investors/consumers themselves are essential to create coverage.

Oversight of those entities that provide and protect personal wealth needs a makeover. Currently, we have several agencies assigned to protect our wealth, including the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Security Investors Protection Corporation, the Federal Deposit Insurance Corporation,

What we need is an agency with "consumer" in its title, writes Justin Fox in Time magazine. That may come in the form of the proposed Consumer Financial Protection Agency (CFPA), designed, according to preliminary descriptions, to create a watchdog over mortgages, credit cards and financial products. It's backed by Treasury Secretary Timothy Geithner and is getting early-on mixed reviews on Capitol Hill.

However, the idea is gaining strong opposition from existing regulatory agencies, concerned that the new body might trample on their turf. It's time for ending turf-protection, in my view. The turf of the existing agencies should be downsized and/or the agencies consolidated or eliminated. The problem is that some of them have failed to exercise effective oversight at the opening bell of the Great Recession of 2008-09. The last thing we want to do is add to the bureaucracy in Washington.

Perhaps the new protective agency should be called the Consumer Oversight and Protection Service because the acronym COPS sends a clear message to would-be scammers.

Wealth insurance can also be enhanced through public education. "Unfortunately, Financial Planning 101 isn't usually a required course in high school or college, so most (graduates) aren't equipped with the basic money management tools they need to start planning for the future,'' says R.D. Norton, senior fellow at the American Institute for Economic Research, a non-profit educational organization based in Great Barrington, Mass.

So Norton, who hold's a doctorate, has written "Start Here — Getting Your Financial Life on Track," a 77-page book that gets to the point on 10 financial subjects and doesn't bore the reader with long discourse. The chapters are headed How to Pay Your Bills on Time; Temptations: Credit Cards, Debit Cards, ATMs, Your Credit Score — What to Do About It; Identity Theft; Car Cost and Insurance; Staying Alive with Insurance Coverage; How to Avoid Financial Fraud; Couple and Money: Outsmarting Conflict; Retirement Planning in One Lesson; and Where Do You Want to Live?

"Start Here" costs $15 and can be ordered by visiting www.aier.com or calling 1-888-528-1216.

Another government step that should be taken is the reshaping of the tax-deferred retirement accounts, including the traditional and Roth IRAs, the Keogh plan, the SIMPLE plan (which is not simple) and the workplace plans. The rules are complicated and ever-changing, discouraging many people from even trying to participate. As I recall, the Bush administration tossed out an idea on consolidation, but like so many good ideas in Washington, it evaporated.

Another way the government can enhance public wealth is to hold the line on borrowing, spending and tax increases. Borrowing and spending balloon the public debt, meaning that wealth protection will cost much more down the line.

So buying wealth insurance is not as simple as calling up Uncle Charlie, an insurance agent, and asking him to come over and talk about insurance and he shows up at the door with a heavy brief-case and sits downs and outlines a plan that might be good for the insurance company but not for you.

Most people need health insurance and most need other forms of coverage, but everyone needs wealth insurance.

Cliff Pletschet's Personal Finance column appears Saturday and Sunday. Send general-interest questions to him at P.O. Box 28147, Oakland, CA 94604, or e-mail him at cliffpletschet@sbcglobal.net.To subscribe to his quarterly newsletter, Investment Educator, send $20, made out to Personal Investment Education, to the above address. Also, visit our Web site, www.investment-educator.com.