It is YES, you should buy the appropriate insurance to meet your financial goals/objectives.

Why Insurance ?
1. peace of mind
2. financial protection from unpleasant events (e.g Premature Death, Permanent/Temporary Disability, Dread Disease/Critical Illness, Medical/Health-Hospitalisation & Surgical ...)

Insurance Planning/Risk Management (personal/individual)
1. Premature Death
2. Disability - Permanent/Temporary
3. Dread Disease/Critical Illness
4. Medical/Health-Hospitalisation & Surgical ...etc
5. Disability Income
6. Long Term Care

The fundamental of insurance is PROTECTION, however it can be used as saving and/or investment tools. e.g. for Children Education, Retirement, Mortgage ...etc.

Insurance Planning Process
1. Understand personal financial goal/objectives
2. Analyse the risk expoures
3. Quantity the capital/total amount needed
4. Assess current financial resources
5. Select the appropriate insurance products for meeting the needs
5. Review the insurance plan.

General Guideline for Risk Exposure
Personally, I think the Medical/Health, Dread Disease/Critical Illness is a MUST. For individual without much financial commitment and dependants, it may not be very crucial for Life insurance (Disability - Permanent/Temporary, Premature Death), but minimum term insurance is recommended. For individual with a lot of financial commitment (Mortgage loan, Car loan …etc), and dependants (Wife, children, parents …etc), it is a MUST. Disability Income and Long Term Care is not common in Malaysia.

There are many Insurance companies out there with all kind of insurance products and packages. My suggestion is to call some of the insurance agents/financial planner from difference insurance company and ask for proposal, quotation and advice.