You must have insurance if...

Like I said before, not everybody need insurance but everybody can benefit from insurance. It does not matter you are in the low, middle or high income category, you can take advantage of insurance to complement whatever financial portfolio you have in place.

But insurance is definitely a must if you are in the following situations:

1. When you know that tragedies such as sickness, disability, critical illness, accident or premature death happens, you or your family will be in financial ruin.

2. When you have debts, such as home loan, car loan, credit card debt, education loan, personal loan, etc. These debts must be paid regardless of your situation. Imagine if you can't work due to disability or critical illness, who is going to pay these debts? Are you going to burden your loved ones?

3. When you and your dependants, such as your parents, spouse and children depends on your earning ability. If something happens to you, what will happen to them?

So please, if you are in the above situations, make sure you have adequate coverage. If not, you are gambling your and your loved ones well-being. Do not risk it.

Cheers! Have a great day.