It is an important question. As are living in such a fast-living world, wherein if you have a risk, you can get an insurance cover. As you have not mentioned clearly about which insurance I have tried answering your query in a general way.

When insurance is required?
To fence your future goals,
It enhances the security of essentials,
Motivates savings,
Help manage risk.

From life and medical covers at one end of the spectrum, insurance companies provide insurance for a variety of other requirements like protection against fire, theft, floods, acts of God, loss of employment, impairing of assets, exit of key employees, etc.

Life insurance is an important tool to protect your closed ones who depend on your financial support. Thus Life insurance is advisable to start as soon as possible to avoid increasing the premium amount.
Apart from fencing your various financial loss, insurance can also serve a great help to reduce your tax burden too.