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by lotsofpulp
2321 days ago
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I self insure my car and my house. I have spare versions of both. I don't self insure my health since I'm not that rich yet. I would self insure myself for liability if I was rich enough to have a staff of lawyers, especially since auto insurance liability only goes so far anyway. Or maybe not if they say it's too complicated, but I can't afford that right now anyway so it's a moot point. Good point about being 92 and having children who are also retirement age. But in my family right now, we have 3 great-great grandparents in 90s being supported by grand children and great grandchildren. It really depends what kind of family you have, and perhaps it's simply not realistic for many, and I'm just super lucky to be in one. However, I have seen nursing home care and other non family provided care for super old people, and I would rather kill myself if I had to depend on that (I support assisted suicide). I also don't plan on keeping myself alive to get into a state where I have to depend on someone else for basic needs, but who knows, talk is cheap. I haven't seen what kind of care tens of millions of dollars or more can buy at that age, and maybe it's worth it then, but I almost feel like you can't pay someone enough to take care of you the way family would. >... Or we could just mitigate the risk, with a more diverse pool. With a group fund. If this is the goal, then isn't the whole country the best pool? AKA Social Security? |
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You have liability insurance for anyone you may hurt with your car. It's a low probability, catastrophic life event, that makes more sense to insure, than to save for. Yes, liability insurance only goes so far in truly catastrophic events, and yes, you can do things with lawyers, but insurance covers most of the serious unlikely problems you may have.
> I have spare versions of both.
Self-insuring a house by owning a second one is not a good plan for the overwhelming majority of human beings.
> However, I have seen nursing home care and other non family provided care for super old people, and I would rather kill myself if I had to depend on that (I support assisted suicide).
Okay - that's an entirely other story. When I am talking about support, I am talking about truly basic life needs. Food, shelter, transportation. None of these are prohibitively expensive, when you have a small income.
A pension can't really afford intensive-end-of-life care, or long-term medium-intensity care. Hardly any kind of savings that you can scrape together can.
> If this is the goal, then isn't the whole country the best pool? AKA Social Security?
Yes, social security is a pension program. I wish I could invest more than 5% of my retirement savings into it, for the reasons I outlined above.