Why do people buy insurance for their cars or two-wheelers? Many do so to avoid the fine they would have to pay if they didn’t. But, ask anyone who’s met with an accident and they’d likely tell you they’re thankful that their insurance covered most of the cost of repairs.

Life insurance, health insurance and insurance against disability are not compulsory to buy. But, on this BQ Big Decisions podcast, Harshvardhan Roonga of Roongta Securities says you should put your investments on hold if you have to, in order to buy these policies.