Probability of an insurance claim may be liken to finding money while walking down the streets, Low (but, seriously who actually wants to make a claim??)
Everyone should buy insurance to cover his/her “worst case scenarios” and not just buy because it is likely to happen.
In fact, your worst case scenarios are likely to be low probability events and hence, unlikely to occur. But because they are unlikely to occur, most people are unprepared for them (just when you think you are healthy). This causes the impact of such low probability events to have huge detrimental impact on your lifestyle. Analogous to betting where odds are involved, the payout for the outcome is the highest when the probability of it happening is the lowest.
If you are not insured against your worst, then you have the pay the most price in the end.
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