Transiting from student life to a working adult, one rite of passage is the meeting of a financial advisor who would meticulously map out your insurance requirements for the coming decades. He or she would then require you to commit part of your income to protect against the unexpected illness or accident. It is painful to be caught off guard and could lead to financial ruin, we are told.

As a vehicle owner insurance is essential. After spending huge amounts on the car, the premiums are a small price to pay for peace of mind.

As a tourist, travel insurance protects against flight cancellations, loss of luggage and accidents while overseas. The holiday is an annual event, and we must do all we can to prevent things from going wrong.

As a concert goer you could ‘insure’ your tickets in case you are unable to attend for whatever reasons. When ...