What its called in the financial services industry is irrelevant. Whats your idea of wealthy? Many people do this that aren't rich and sometimes they end up rich. Without a precursive "accident". That will never happen paying insurance.
Insurance companies are not good, and no one should defend them.
I'm not defending anyone. I am giving you information from the industry as I am a former financial planner. Insurance has it's place as a valuable tool to manage risk. Whether you do it through an insurance company or on your own is irrelevant. If you do it yourself you need to be able to afford it. Most poorer people can't afford to do this, or are too bad at saving money that they would end up spending it. I know this from experience. Thanks.
The idea of insurance is good. Sounds good on paper, but in practice... insurance is a scam.
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