No matter what you prepare for, life is full of surprises. Personally, I feel that it's good to have insurance. It doesn't exactly have to be the most premium one. But at least it gives you some assurance that your loved ones will be taken care of. That's what I feel. Regarding what type of policy, I think you should talk to an adviser to find out which policy is the most suitable for you or you can look around and see what each policy offers.