I do not buy Insurance. And this is why you should not too

Posted 24 September, 2017 by Surely
in Educate Yourself

I was catching up with a friend the other day.
We were having a lovely conversation, chatting about our personal lives, families and the latest trending topic which happened to be that chubby-looking dictator with 24/7 access to nuclear warheads.


not buy insurance

You must have guessed wrong.


Somehow, our attention turned to insurance.
It is not out of place since he works in a law firm that does business with insurance companies.
I was telling him about how cool our Robo-advisory is and how he should give it a try.

>> By the way, that Robo-Advisory thingy is really cool <<


“You know, bro. I don’t buy insurance. I simply cannot stand the idea of buying a product of which almost half the cost goes to the advisors as commission.”

In that moment, I was taken aback.
This came from someone who was familiar with insurance.
And someone who would possibly charge his clients similarly in legal fees!

“Sure, I understand.”

I then moved on to another topic out of courtesy.
I did not think about it again.
Until today.

My friend is right.
We should not buy insurance.
And this is why.


I am not buying insurance. I am just protecting myself.


When you view insurance as just another consumer good, such as a car, washing machine or an iPhone X, it seems to be a product that provides little value.
Will you pay for something that doesn’t do anything for you and yet requires paying an instalment every single month?
That seems to be the case for insurance.

Insurance doesn’t take you from point A to B.
It doesn’t clean your clothes.
And it, for sure, will not recognize your good-looking mug!



That is true if you are buying another product.
But insurance is not another TV or car.
It is a friend who guarantees help when you are in trouble.

If you are sick.
If you are injured.
If you are temporarily disabled.
Insurance will be there if you decide that it is important enough to have.


I am not buying insurance.
I am merely fulfilling my duties as a son, husband and father.


Filial piety is one of the most cherished Asian values.
I do believe in it.
I want to be there, supporting my parents until they are no longer around.

I want to be a responsible husband.
Under no circumstances will I allow her to go through financial hardship.
We will grow old together.

I want to be a great Dad to my kid.
He will never go hungry, regardless of the situation.
And he will have enough support from me to fulfill his dreams.


If you want to address any Insurance coverage shortfalls on your own, check out FWD Insurance. They have a fully online and hassle free purchase experience.


Insurance Friend


But I may not be always around.
The only way I can guarantee all of these is by having insurance.

I am not buying insurance.
I am protecting myself and those whom I treasure.
That is why you should do the same.

www.ClearlySurely.com aims to eradicate the knowledge gap between consumers and Life Insurance. Our Vision is that one day, every Man, Woman, and Child will be properly insured.

  1. Sinkie

    Your friend is probably referring to par insurance such as endowments & wholelife, or to high cost ILPs.

    I remember talking to a director in one of the local insurance companies 7 years ago, and he candidly informed me that he wouldn’t buy any of the current par insurance, as “the odds are so heavily stacked against the insured — we’ve made it almost a sure win for the company! The mandated asset allocation & approved assets also work against the consumer in today’s low interest rate environment. They kinda worked during the 1970s & 1980s, but no longer today.”

    Simple solution is to go only for term insurance — right coverage for the right risks for the right length of time.

  2. Surely

    Thank you for your comment.
    I am not entirely sure about what policies my friend was referring to as we did not continue the topic.

    Different people have varying needs.
    While term insurance may work for some, there are others who have reasons for other insurance products.
    To each, his own.


  3. Irma

    I think the general public (incl. myself) know very little about insurance, the history and why it’s a pillar of society. I myself found it always an extremely boring topic and an obligation I had to fulfil until a friend of mine brought my attention to a series of books, comics and videos he created about the history of insurance and the world of reinsurance. I found it great! I read all the books and watch the comics and I think if more people could enjoy this knowledge, we would develop a different attitude.
    Here is one of the videos: https://www.youtube.com/watch?v=SjdO60Th29M

    1. Surely *

      That is why we are trying to raise life insurance awareness in Singapore too! Insurance is simply too important to ignore!

      The video looks interesting.
      We will definitely check out the rest of his works.

  4. Darren

    Hmm, this article is parroting what insurance companies have always been saying to advertise themselves i.e. insurance is about protecting yourself and those you love, just with a misleading title.

    Why say ‘I don’t buy insurance and this is why you should not’ when the whole point of your article is to convince people to /buy insurance/?

    I think what you’re trying to say is BUY INSURANCE, not for the interest-paying value of the insurance scheme, but the economic benefit to yourself and your loved ones derived from the risk management it provides.

    The article is fine. What I didn’t like is the clickbait title. Which by the way is not only clickbait, is misleading and counterproductive to your own agenda.

    1. Darren

      Just to clarify my previous comment:

      I am not trying to troll, and I really do appreciate your efforts to make known the true benefits and importance of insurance. I just hope people are not misled by the title of your article.

      Cheers and good day to you.

  5. Clearly

    Hello Darren,

    thanks for providing constructive feedback that can help us to improve. We are comfortable with the title only because there is an unexpected about-turn – which drives the main message home.

    How people may interpret the title is beyond our control, but we think it takes a lot more than just a simple title to change one’s views about insurance.

    Appreciate you chiming in with your thoughts – keep them coming!

  6. Keen Cheen

    I agree with Darren that the title to your article is misguided. At the very least, it diminishes the point you are making about the importance of insurance. At worst, it reinforces someone’s preconceived notions about not buying insurance by just seeing the title and not clicking to read the article in its entirety. This would be a great disservice to the effort you put in to educate people about insurance. As Darren aptly put it… counterproductive to your own agenda. Anyhoo.. the bell cannot be unrung. Just hope to see less your cavalier approach in future articles.
    Disclaimer: I do not know who Darren is.

  7. Fred

    Buying insurance is a good thing, once your personal basic needs are taken care of. These basic needs include monies put aside for future use, retirement etc. Remember, pay yourself first. No point being a pauper( from hefty premiums), current or future, so that others after you become wealthy from being your beneficiary?

    What is the point of buying ‘protection’ when there is a remote possibility that it won’t happen?
    Paying decades of premiums towards something that do not happen is sheer waste. Perhaps it is cheaper and less wanton to take cheaper options than buying insurance? Premiums cripple your lifestyle, especially when savings for your essential future expenditure is severely compromised.

    At best, buy term and invest the rest.

    1. Surely

      Pay yourself first is important.
      But not as important as protecting yourself.

      When you have the right insurance, you can have the financial resources to give yourself the best fighting chance when accidents or illnesses strike.

  8. Jon

    It’s a love hate relationship. You hate it when the premium due is near. But appreciate it, when it helps to defray from the medical cost and everything that comes by. The principle is to transfer your risk to the insurance company.

    1. Surely

      “It’s a love hate relationship. You hate it when the premium due is near. But appreciate it, when it helps to defray from the medical cost and everything that comes by.”

      I can’t agree more. Very apt

  9. Johnny

    I agree with Darren, your headline is captivating. But your story lacks productive content and is over dramatic. You should be a drama teacher rather than an insurance blogger.

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