Under the current "five insurances and one gold" system in China, it is not cost-effective for people's daily life to have too much insurance and one gold except the necessary protection. But five insurances and one gold can't be seen together. I think insurance is based on the law of large numbers. Paying insurance is a means to increase your security through the law of large numbers. Therefore, medical care, unemployment, work injury and maternity are very necessary, but pension and housing provident fund need to be said separately.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.