A slot machine of the present invention comprises: a symbol display device capable of variably displaying a plurality of symbols; and a controller, the controller programmed to execute the processing of: (A) executing a normal game in which the plurality of symbols are variably displayed and then stop-displayed by the symbol display device after game media have been BET in number equal to or less than a previously set maximum number of BETs, and a payout value is determined according to the stop-displayed symbols or a combination thereof; (B) shifting a mode from a non-insurance mode to an insurance mode on condition that a predetermined number of game media have been inserted; (C) counting the number of normal games played after the mode has been shifted to the insurance mode, in the insurance mode; and (D) paying out a predetermined number of game media and also conducting a free game that is executed even without a game medium BET thereon, when the number of normal games counted in the processing (C) has reached a specific number.