Why Is Insurance Necessary For Everyone. Insurance is a way of managing risks. The policy also supports retired people.
The other reason it’s important to have health insurance is that it makes it easier for you to keep from getting sick in the first place. When you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium. The primary reason car insurance is required is because of your liability, i.e., responsibility, for any damage you cause.