What is Insurance?

Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. 

The above is extracted from Wikipedia. And you can easily find several other "textbook-like" variations on the definition of Insurance via the Internet search engine(s). While the meaning from multiple sources could arguably be standardised in a way or another, the diversification largely stems from one's relativity to the value(s) of such a hedging tool and/or potential loss to be covered.

Consumerism is a social and economic order and ideology that encourages the acquisition of goods and services in ever-increasing amounts. 

In my opinion, one of the main deterrents to transferring contingent loss to Insurance is a comprehensive set of normative beliefs that doing so would inevitably incur high costs. And such valuations is especially subjective while the benefits that the product/service could bring about, is intangible.

Insurance, in its native origins, is simply a plain vanilla pooling-of-risk instrument. However, this instrument has been evolving and undergone a series of transformation into sophisticated insurance products that you can find today. It could be bundled with investment/savings; includes extensive coverage via means of a multiplier till certain age; offers a wider spectrum of coverage to include for eg., early-stage Dread Diseases; etc. This would concomitantly explain why the cost of insurance has moved northwards with the evolution of it. Having said that, the plain vanilla form of Insurance remains available till date. However, shoppers for insurance are increasingly spoilt (or confused) with choices. 

Hence, it remains important (if not, even more important!) to engage a trusted Advisor who champions your interest in helping you understand your options. If you ain't sure what are the qualities of a trusted Advisor, then don't stop short of contacting either one of us!