That is the most commonly held view but it is a lie, the greatest asset is yourself the money making machine and that is why you need to insure yourself first to pay the bills since you are the machine that pays all the other bills ^^. Even if the cash flow stops coming in for any reason.
To me buying a house is the best insurance ever. When you buy a house, it is your property and it is tangible. No one is holding funds and in case of anything, you can always dispose it and have cash. Houses will not depreciate in value therefore you will be able to get value back when you sell it after some years. When you purchase an insurance cover, you are giving someone money to trade with and expect that this person will compensate you in case of anything happening. Insurance premiums have validity and you will have to renew every year. What about if you pay for 10 years and there is no claim from your side?. You should start with a house first before you think of insurance.