Re: Mortgage protection insurance
b, I agree insurance is a racket-the odds are never in our favor-always in the house's favor. when I think of all the insurance premiums I've shelled out over the years...and homeowners I've shelled out, and all the years I didn't need health insurance-didn't even meet the deductible most years early on-when I even had health insurance.....
the odds are will never need the insurance to pay off-but when the need is there, the need is there-same as anybody else playing the odds-you play, you're playing based on the chance you'll need the payoff someday, people pay because even tho the odds are the need won't hit, but if it does, the need will be great. Not everybody who plays wins (ends up needing the payoff and getting it).
I agree we shouldn't be needing insurance for the routine stuff including routine health care issues. Got a friend who has always only carried high-deductible health insurance for self and kids-she couldn't afford more as single mom-and she's an insurance agent herself.
I've got a friend who declined to get Longterm Care insurance-plans on self-insuring when the time comes-but he also manages a family trust (an old banking family from 19th century-he didn't need to save it all in his one lifetime).
"life can only be understood backwards, but it must be lived forwards" - soren kierkegaard
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