Life insurance is like a reverse lottery. You buy a ticket every month hoping your winning numbers don’t come out. And just like a lottery, if your numbers do come out, you will be very glad had a ticket.
Whether or not life insurance is a waste of money depends a lot on how lucky — or unlucky, in this case — you are. And on how much you value feeling safe. In other words, it is a personal decision.
It is good to remember, however, that most life insurance policies offer more than just death benefits. They also tend to offer living benefits, including paying out when you get diagnosed with a terminal condition, which can have a major impact on how well you spend your final days on Earth should a tragedy like that ever occur.
Personally, I think it’s worth it. Especially since premiums can be very low if you maintain a healthy lifestyle. Just look into life insurance for fit people, see how low the premiums are. The improvement of life insurance technology has also been lowering premiums for certain groups.
