Insurance is, and has always been, a tool to manage risk. If you cannot afford to ‘lose’ something, it is best to insure it. As with many other financial situations, there are various solutions designed to protect against financial losses. The five types of insurance everyone should have are:

Life Insurance – The primary reason to have life insurance is to replace an income that will be lost on death and to meet financial obligations that are left behind. No person’s debts should last longer than them and life insurance can be a very economical way to pay them off if you die too soon. Also, it is becoming more common for people to carry significant debt into their retirement.