Generally, insurance products can be financial products or kind of service. It is often provided by banks or insurance companies. It mainly aims to transfer or remove risks for buyers. Sometimes, buyers are also expecting get extra financial compensation from insurance products.
I think among different insurance products, medical insurance is the most important. Because public medical insurance is always not enough, we can only use it when we are employed, and the reimbursement amount differs to the disease types. It is too basic for a person. I bought extra medical insurance for family which I think is necessary.