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That is right. There's an entire profession (actuaries) who spend all day pricing insurance policies. If it was so simple all those people would be fired.

Consider that some insurance premiums are tax-deductible so it may not cost as much as you may think. Of course insurance money is 'wasted' for the vast majority of people - that is how insurance companies make their money! I personally think this type of insurance is best suited to a family...