This post is inspired by a reddit discussion. The topic was on insurance, the basics of it.
Do we give proper value to insurance in our life or we just go on routinely on insurance? When you earn a bonus at work, do you consider increasing the insurance amount to have more coverage. When you get a raise do you consider increasing your premium and cutting on the out-of-pocket expenses?
What is insurance and why we need it, is rarely discussed on personal finance websites and blogs.