Paying for insurance against the worst case scenario pays off, as it protects your ability to compound. Also, having liquidity is great when there's a market crash.
An insurance eats into your returns, but that's okay, if it overall helps increase your portfolio's risk adjusted returns.
Read more about why you'd want to do this here.
If you prefer listening, the first couple of episodes of Mutiny Funds' podcast give a great introduction as well. (by the same guy)
Funds
Mutiny fund - A fund of tail risk funds.
TAIL ETF - Easily accessible, but note the large exposure to US government bonds.
QTS Capital - More of a market neutral fund.