We had a very little knowledge of insurance in the old days when the word insurance just meant for a loan you made. Well insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium and duty of care. There is nothing wrong with the concept of insurance; what is important is that you make a right selection which insurance to go with.

The word insurance means an assurance to cover the loss that might occur from the harsh winds of fate in exchange of some premium.
When the word insurance comes to the mind people think of the life insurances cause if anything happens to the sole earner you have the insurance to pay for the house and the children can continue their education.That’s the reason why life insurance is considered necessary.