For the past 25 years, I have the following insurance:
$1,000,000 in personal accident cover
$500,000 in term insurance cover
Each year, I paid $800 for the personal accident insurance and $1,000 for the term insurance.
Nothing happened to me for 25 years. That's good. I do not expect to get the premium back.
I am glad that I paid the premium for the 25 years, as it provided security for my family. If something did happen, my family would have been well taken care of.
Only those who are super rich like Bill Gates, Warren Buffet, etc. don't need life insurance. Why? Because their wealth could comfortly absorb all the possible risks that might happen to them :)
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