i had 2 medical and 1 life coverage for a few years and it was enough to drain all the money out of me.

at some point in time, i was unemployed for almost a year and it really took its toll on me, paying all those monthly and annual premiums.

finally sanity prevailed and i cancelled all the policies. i am really running around unprotected ( and aware of it ).

just agree with dreamer101 on the following

1. most people spend too much on insurance and make it the sole form of savings they have. in an downturn, they may have to give it up / surrender the value and lose a sizeable portion of their premiums paid up to date.

2. most people including myself bought insurance but no money to spend on parents which i think about it, i am ashamed. it would be nice to have insurance but priority should be giving your parents some spending money when they are still alive, not when you are dead.

3. i am still alive, and working to rebuild an emergency fund of 6 mths living expenses, then only investment and insurance for me.