The top 3 main risks that explain why insurance is a need which Living too long, Premature death and too ills to work.
1) Living too long sound good but in fact not, living is costly, let alone living too long. Try to imagine all your savings have been used up and you become a burden to your children (if you do have children around you).
Having retirement planning in early allow you to grow old with dignity and give your future self an income guarantee.
2) Premature Death, a contrast to living too long. Living too long is self-issue, but death too soon, will become an issue to loved survivor especially you are the breadwinner and have minor children that are depending on you entirely.
Having sufficient sum assured and pass directly to them if there is anything happen to you accidently, enable their life to carry on financially instead of suffered with debt that you bring to them.
3) Too ills to work, No one expect to be ill but bad thing does happen especially with high medical inflation every year, are we really able to face this tragedy? if not, then what can we do if not equip ourselves with high value medical card with broad coverage?
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