Insurance then is man's answer to the vagaries of life. If you cannot beat man-made and natural calamities, well, at least be prepared for them and their aftermath.

Insurance is a contract between two parties - the insurer (the insurance company) and the insured (the person or entity seeking the cover) - wherein the insurer agrees to pay the insured for financial losses arising out of any unforeseen events in return for a regular payment of "premium".

These unforeseen events are defined as "risk" and that is why insurance is called a risk cover.

Hence, insurance is essentially the means to financially compensate for losses that life throws at people - corporate and otherwise.

In order to calculate the amount of insurance that you require, based on your life stage and life need, , click here.