1) DH bought a new laptop yesterday. The extend warranty was literally the same as my ANNUAL life insurance premium. Which loss would be a bit of a downer, and which would be utter financial devastation? Cover your catastrophic risks, folks.
2) Too often, I see the higher probability but less catastrophic risks covered, but folks have HUGE exposure on the biggest risks to their financial wellbeing: loss of income due to disability, and the risk to their family: loss of life.
3) Probability determines the price of insurance (hence the egregious premiums on the extended warranty), not the need. Need is determined by the level of devastation that a particular event would cause.
4) Just as an aside, the repairs on my MacBook after I spilled hot chocolate all over the keyboard, cost LESS than what dh's extended warranty would have cost.
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