The need to have adequate insurance cover really hit me hard twenty years ago when I was in secondary school. My dad, who was the sole breadwinner, suffered from stroke then and was unable to work. My family lost our sole income and to make things worse, my dad did not purchase any insurance covers. As a result, we went through a period of financial hardship. On hindsight, if my father had bought any life insurance policies when he was healthy, our family situation would definitely be better.
It is important that you insured yourself for the correct amount of protection. In addition, it is important that you buy the correct policies. I know it might sound hollow to you as I am not a financial advisor, but then again, my guiding principles on buying insurance policies is solely for protection. I see no point in buying whole-life, investment-linked or endowment policies. These policies cost so much premiums but provide very limited coverage. Henceforth, I would only purchase term policies which provide large coverage for little premiums. When I was young (19 years old), I was sold expensive whole-life insurance policies and I only realized my mistake a few years ago. By then, the damage has already been done and I am unable to terminate my policies as I will incur heavy losses.
Lastly, it is very important that you have Medisheid and try to upgrade to provide shields if possible. In Singapore, there is a saying that you can afford to die but you cannot afford to be ill and disable. Through my life experience, I found this saying to be very true.
Do you have any experiences to share on insurance? If so, please do share.