You need Insurance no doubts about that but do you need all the types available in the market! Practically everything under the sun can be insured today but it is important to understand whether the ones you have are helping you or the insurance company and its agent.

• The absolute need of the day is Life Insurance. This type you cannot do without, it gives you peace of mind because you know that in the unfortunate event of your death, your family would not have to face any immediate monetary difficulty. The simplest and cheapest type is term life policy which requires you to pay a very small premium and promises to pay a large (sum assured) amount after your death. For people with young or new born children or for that matter those who have elderly parents who are dependent on them it is a wise decision. Other policies like endowment and whole life policies are also something you can take a look at by comparing various premium quotes (easily done online).
• Health insurance is also a very necessary security for oneself since with the increase in diseases today you can never be sure of what kind of hospital expenses you might have to bear in the future. It ensures that you get timely treatment even if liquid cash is not at hand through the cashless facility.
• For home or property owners have coverage for their property is also mandatory because nobody can predict natural calamities.
• Having policies for your vehicles can save you a lot of expenses if you were to meet with an accident and most countries have made it a law.

Ensure that you are not fooled into taking newer policies which will indirectly be doing the same task as your previous ones. For example do not take any travel insurance if you already have a life policy with accident riders. The same applies for taking disease specific health insurance like cancer or dental; check the old health policy document to make sure whether you are covered for them or not.