Insurance is the way to buy financial coverage or backup in case of unforeseen financial loss to your property, health, residence, etc. So, you pay a certain amount to the insurance company every month and in a crisis, they pay you back and support you financially.

We need insurance for the protection of assets, property, homes, and families from unexpected financial loss. For example, suppose you met with an accident but have health insurance, so insurance companies will pay all your hospital bills.

Insurance is the financial safety that helps you immensely in case of damage. So, you get support to recover from the losses, such as robbery, property damage, health crisis, and vehicle accident.

You purchase an insurance policy and in return, the insurance companies provide safety to your life, assets, property, and vehicles for some period.

Insurance companies do not provide insurance to people suffering from terminal diseases and criminals.