Yes, insurance is a critical tool for financial risk management. While it feels like an ongoing expense, a single major medical emergency or hospital bill can deplete a lifetime of savings. Insurance acts as a financial safety net, ensuring that unexpected events do not lead to debt.

Yes, most insurance policies allow for mid-term cancellation. However, it is important to review the surrender value or potential loss of "No Claims Bonus" (NCB) before stopping. For term life insurance, stopping midway simply results in a lapse of coverage without a refund.

Buying insurance early is a strategic move because insurability is at its peak. You are more likely to be approved for comprehensive coverage without medical loadings or "waiting periods" for specific illnesses. Essentially, you lock in a lower price for the long term.

This depends on your family's medical history. A Family Floater plan is often more cost-effective for young families with no major health issues. However, if a family member has a chronic condition, a separate individual policy is better to ensure their claims don't exhaust the sum insured for everyone else.