Insurance is a prudent way of managing risks and has become an essential part of life that helps people navigate through uncertain, unpredictable times. When you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee. Despite one’s good health and financial stability, insurance is a requisite because it acts as a safety net that financially protects you, your family and ensures business stability when chips are down. It reduces stress and brings peace of mind.