Life Insurance - Why buy insurance?

Insurance is a product that protects you in four or more major scenarios.

a. In case you pass away, who protects your family
b. In case you fall sick, who protects your income and your lifestyle
c. When you are old and cannot work, you want a guaranteed source of income that keeps you going for the rest of your life.
d. When your kids are ready to go into higher education, and you need money to fund that, or any other event-based funds requirement for your children like marriage, etc.

Remember, everything in life is based around one very important variable income. If that income gets destroyed, you need insurance to protect you.