google images I had a conversation with my friend recently on the types of insurances she bought. Coming from a low income family background, her siblings and her had to support her parents (both of whom are ill and unable to work since 40s) after they graduated from Poly. Her parents never believe in insurance (just like my parents) - why would they spend money on insurance when they have difficulties surviving? But, she strongly believes in insurance as a form of wealth protection. Since she started working at 19, she has been purchasing different types of insurances with varying coverages, not just for herself but for her parents as well. Some plans she mentioned were Life Insurance, Hospitalisation Insurance ......