Meaning of the word "take out insurance on" in English

What does "take out insurance on" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

take out insurance on

US /teɪk aʊt ɪnˈʃʊr.əns ɑːn/
UK /teɪk aʊt ɪnˈʃɔː.rəns ɒn/
"take out insurance on" picture

Idiom

to buy an insurance policy for something or someone

Example:
You should take out insurance on your new house immediately.
He decided to take out insurance on his life to protect his family.