Insure against risks you cannot afford to happen, such as the loss of your ability to earn an income.

For investment, do it yourself.  Never mix with insurance because they do not mix.  Nothing is free in this world and everything must have a price.

Not wanting to brag, but I just spend less than 30 mins a week reading up on finance and economics, and my investments are performing way better than any managed funds or savings plans in the market.  There are many advantages to doing your own research.  At the end of the day, you are smarter and you learn through the mistakes.

Think about it, is your 30 mins per week worth more than the fees you are paying to the agent, insurer and the fund manager?

I think of myself as a learner, never a teacher.

We can learn more through sharing rather than teaching.

I don't "play".  I invest in good solid companies with bright future prospects.

Start by reading books on Economics.  Find easy reading materials which explains the concept of value.  Learn the terms.  Through economics, you'll learn how the world works.  You'll learn the concept of money, trade, currency etc.

Then start to pick up finance.  Learn the concept of price and value.  Understand the financial world of stocks, investments, derivatives, insurance, bonds etc.

Meanwhile, look at every day businesses and brands.  Think to yourself, can this world function without this business?  What makes this business thrive?  What are its competitors?  How easy is it for a new player to come in and disrupt the current business?  Is this a totally new field that will disrupt the way we live?

After that, armed with the knowledge of pricing and value, you can then know how to value the business and get a price.  If the price you have is higher than its current price to buy, then invest the shit out of it (I mean, taking into account your own risk appetite of course).  You'll be amazed at how many overvalued companies there are in the world when markets are optimistic.  On the contrary, in a downturn, there are so many bargains to be had.

As an added bonus, you'll know how to value things and you'll soon realise that investment linked insurance plans have very low value.  I'm not saying its useless or a scam, it's just that you'll get better value not buying them.

I started relatively late in 2009, due to lack of capital.  However, it was a good time as many were pessimistic.  Now, I focus on growth companies and starting to dabble in derivatives.

I made some bad decisions along the way like selling too soon or buying too high, but you live and learn.  My portfolio since 2009 is now up 69%.  I'm happy with it considering I did not pay anyone for advice and I'm not from a financial background.

So to stick to the topic.  Let insurance be just like what its name is, "insurance".  Insure yourself against risks that may hamper your ability to continue to live your life, and your dependent's life due to your inability to provide for them.  E.g. Health, life (if you have dependents) and disability (if the disability will cause you to lose your ability to earn).  Insure against potential costs which may cause financial ruin, such as fire, 3rd party liability and to a certain extent legal insurance.  Anything else, is useless to insure against, such as electronic gadget extended warranty.  Also, don't mix the investment part into insurance.  If you really need someone to manage your money for some reason, get a fee-only financial advisor and avoid compensation based ones like the plague.