Insurance is an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.

This only reduces the financial burden and not the actual chances of happening of an event. If a person is financially stable and plans for life's unexpected events, they may be able to go without insurance.

Insurance is a very big business. This creates opportunity for the rich people and a liability for the poor people. I think insurance may also be a cause for the widening division between rich and poor, because of High cost of availing facilities for healthcare and survival (like hospitals, medicine, family expenditure, etc).

I think insurance is actually required by the poor people in the world. If their most basic necessities are taken care, they can think of other development areas, which in their present situation they cannot even imagine. Think of all the number of new inventions and developments that can be achieved if millions of human minds are freed to imagine and think.

It is not the job of governments to control societies; it is the job of societies to control government. But as the government is put by the people of the country, the government should have some responsibility towards the welfare of its people.

If the government collects some kind of taxes from every individual of its country, should it not be its social responsibility to insure every citizen for life and health without collecting any premiums from them.

Majority of people do not have insurance simply because they cannot pay the premium. I think national governments should provide Life and Health insurance to all its citizens.

At present most of the insurance policy is provided by the Private Sector. Naturally they have structured the insurance policy to make Profits. Most of the economies followed by the governments in the world encourage insurance in its present form.

In modern times, I think economists should come with a new form of economy in which every human born should lead a life with dignity.

I personally do not believe in the present insurance policy. But I may start believing, if poor and financially weak people are insured. Insurance is actually meant for them.

Life and Healthcare Insurance must be the Fundamental Right of every Human in modern society.