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Old 2nd November 2007, 10:14 AM   #2

Join Date: Jun 2004
Location: Colorado
Posts: 8,047

Maybe. My understanding is that when people or companies handle things along the scenario you describe it is called "self insurance". I think it is common for some large businesses to self insure themselves. For example, I once worked for a large US company (one of the top 10 employers in the whole country) and they were self insured. While I have heard this for large corporations, my understanding was their wealth/size was a factor ... while I'm not so sure the same would apply for an individual. I think it would depend largely on the individual's personal financial situation and if they could afford the risks of self insuring. If so, perhaps a worthwhile consideration.

Another option with life insurance is 'return of premium' policies.

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