Life has a lot of uncertainties and throws many unexpected things at all of us. While it is usually not possible to stop these things from happening, we can protect ourselves from financial loses through insurance. Insurance gives some protection financially, should a disaster happen. There are various types of insurance policies available and it is important to have some basic knowledge on these policies. The need to buy an insurance policy is determined by various factors, which include number of children, age, lifestyle, financial goals and employment benefits.