The basis of insurance is for protection first and foremost.

When we purchase insurance, we sought to address a particular health risk that would create monetary challenges for ourselves or our loved ones.

Some of the most common ones are:

  1. The risk that if you passed away, your loved ones will have a difficult time getting on with their lives, servicing still outstanding debts and mortgages. We buy life insurance against death for this
  2. The risk that if you suffer from some major illness or require a major hospital stay, you do not have the money to pay for astronomical inpatient or outpatient medical bills. We buy hospital and surgical plans for this
  3. The risk that if we suffer from an advanced stage illness, we do not have an income as we have to stop work, and we readily need money for miscellaneous treatment costs and alternative treatment. We buy