Is it smart, socially responsible, and good parenting to buy all the insurance a person can afford? Health ins. (the good kind with all the extras), the best dental possible, $500 deductible but high limit full auto w/ everything, max life ins., max disability, best homeowners/renters ins available, & what else??? Even if you have to cut out common luxuries - no cable TV, or skipping a few vacations, for example - doesn't it seem like a no-brainer to insure yourself to the max?? Consider the sad stories of wrecked lives caused by Katrina, car accidents, kids who lose a parent, impoverished old folks who have only SSDI or SSI, and uninsured kids who get sick. By the way, I was born with a very high risk taking personality too - but after fifty years, I'm weary of depending on good luck (can't recall ever making an ins. claim except 4 emergency room visits). I love feeling of security. Is there a better use of money than buying max amount of insurance? Is there a wiser investment?
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No, it's not. Health insurance IS a good idea. Private dental insurance is not. You need to insure yourself to meet your current financial goals. There is such a thing as being "insurance poor". Insurance is only PART of a financial planning package. Living under your means, budgeting, and investing is the other part.
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