In most people's minds ...
I would at the least be considered strange; and at the most, totally irresponsible or even crazy.
I don't believe in insurance; and I think Social Security and Medicaid and Medicare ought to be shut down.
I don't like paying taxes to those agencies so that total strangers can be taken care of. I consider those things to be a form of socialism, and I am not a socialist, and I do not like socialist governments. All of this stuff makes people too dependent on others whom they've never met and not dependent enough on themselves, family, and close friends (sometimes referred to as tribe).
I have never voluntarily bought conventional insurance of any kind. And when forced to buy insurance, I always bought the minimum amount. I currently have the minimum insurance on my vehicle that I drive on public roads, and no insurance on any other property I own including vehicles that I drive on my property.
At my first job out of college, I went to work for a company funded by the AEC and managed by the University of California. I was required to make a decision to either sign up for the UofC retirement program or Social Security or nothing. I chose nothing. A simple calculation showed me that if I took what SS would deduct every month and invested that money myself in very safe investments (that are, by law, themselves insured), I could easily grow the money faster than the government could, and I could therefore retire earlier if I wanted to. Medical insurance came with the job so I didn't have any choice about that -- if I did have that choice, I would have asked for the equivalent money and they could take their insurance sales pitch to somebody else.
To buy insurance or not to buy insurance is a bet. The buyer's bet is that he will need it, so he buys out of fear; the seller's bet is that he won't need it and takes advantage of that fear. The seller almost always wins, which means the buyer usually loses. I choose to be on the winner's side. My bet is that the lifetime cost of insurance is very significantly more than a lifetime of expenses that the insurance covers. If it weren't that way, insurance companies would have gone out of business a long time ago.
Therefore, I keep a relatively small amount in a bank account and put the rest in multiple trading accounts. If I feel my Long investments need insurance, I'll buy inverse investments or Puts or go to cash.
