LogFAQs > #957786265

I'd argue that not having insurance is more of a gamble than having it. Paying for insurance is paying somebody else to take on the financial risk associated with whatever you're insuring. You'll generally end up paying a premium in the long run (since you are receiving a service), but in doing so you end up with an expense that's predictable and therefore much easier to budget around.

That doesn't mean insurance is always a good idea, but it boils down to managing risks sensibly. Skipping out on insurance is gambling that whatever you'd insure won't happen, or at least that you'll be able to cover the costs if it does happen. In the case of life insurance, you need to consider what your dependants will need if you die. With no dependants, so long as you/your next of kin can afford your funeral, you don't need it at all (and if you want, pre-paying your funeral costs is an option to render that point moot). With a wife who doesn't work, four kids, and nowhere close to enough savings to sustain them until they can get back on their feet after your death, not having life insurance is unfathomably stupid.

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