You Don't Need Insurance...
If you're not earning income. Remember that you're insuring against loss. For life insurance, it's loss of income upon death. For disability and accident insurance, it's loss of income upon being disabled due to an accident. Insurance is supposed to replace lost income. So if you're not earning income, you don't need to be insured, because there's nothing to replace.
It doesn't make much sense to insure children because they don't earn income. No amount of money can replace the loss of a child, or any of your loved ones for that matter. But if can afford and willing to pay for insurance for your kids, knowing full well it's not really necessary, it's your choice.
If you're retired and have accumulated enough wealth, such that, when you die, there's enough left to support your surviving spouse, then you don't need life insurance. (However, some advise using proceeds from life insurance, which are tax-free, to pay for estate taxes.) What about your children and grandchildren? Well, your kids are earning income, aren't they? Life insurance is meant to protect loved ones who are dependent on your income, not to provide for them for life.
However, if you're a stay-at-home mom (or dad for that matter), even if you're not earning any income, you still have economic value. Because the services you do at home (cooking, cleaning, babysitting, etc.) represent actual expenses if done by somebody else. So you need to be insured.
If you have no dependents. Even if you have income, but no one's depending on your income, then life insurance is not necessary. If you're single or living with your parents, and you're not supporting anyone, you don't have to be insured.
If you're newly married, and you're both working, perhaps you don't need life insurance yet, as the surviving spouse can support him/herself. But if it's going to be a financial strain, then do consider insurance.
Remember, life insurance is designed to replace lost income that supports people who depend on you. It's not a windfall on your unfortunate death.
However, in the case of accident and disability insurance, even if you don't have dependents, you might still need to be insured in case you're unable to work because of an accident or disabiity. In this case, you are supporting yourself. Who's going to pay for your expenses if you can't work? Of course, if your family can and is willing to support you, then you don't have to be insured. On the other hand, do you want to be a burden to your family?
If there's no catastrophic loss. Please keep in mind you are insuring not just any loss, only catastrophic loss. This applies particularly on non-life insurance.
Your P30,000 digital camera may be valuable to you, but will it be a financial disaster if you lost it? Well, maybe you'll kick yourself several times, but it's not going to be a catastrophe.
But if your car gets stolen or crashed, that's a catastrophe. If your house or office burns to the ground, that's a catastrophe. If you get sued for millions, that's a catastrophe. If you get bedridden with a dreaded disease, that's a catastrophe.
That's when you need insurance on your car, house, business, and against personal liability.
So, ask yourself "Do you really need to be insured?".
