Why Waste Money on Insurance if You Have Assets to Cover the Cost Directly?

Why Waste Money on Insurance if You Have Assets to Cover the Cost Directly?

The identical inquiry might be asked of auto, home owners or medical insurance. Why not self-insure there as well? You might just as easily pay your medical bills from your pouch. Or pay for damage to your cars and loss of your home out-of-pocket and perhaps put aside a lot of money over time? No issue what the risk, the total cost of premiums over a long period is more often than not a tiny proportion of the cost of paying a claim from your own pocket. The reason we pay money for insurance is to protect assets by leveraging premiums to buy a benefit at pennies on the dollar in its place of paying dollar-for-dollar out-of-pocket for a loss. The likelihood of a house fire is 1 in 1200, of having a major auto accident is 1 in 240 and of needing long term care is 1 in 2 . With a much superior probability doesn't long term care insurance make as much sense as buying those other coverage’s?

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