Insurance - Betting Against Oneself

Insurance??? Pay cash, take care of yourself. Go to a private clinic/hospital and get amazing care.

I’m Canadian and in my experience, Canadians like certainty.

Defined benefit pension plan? Count me in.
Government medical services plan? Yes please.
I have had $5,000,000 third-party liability car insurance since it became available and $3M when that was the limit.

Insurance provides a level of certainty.

When it comes to medical insurance for Mexico I get a weird diversion. I start thinking of gambling

If an insurance company wants $1k/year for a $50k medical transfer policy I have to figure out how much I want to bet against myself. I would be betting there is a one in fifty chance that I will need to be medically transferred. I have no way of knowing what the odds are.

I’m not a gambler. But if I were, I wouldn’t want to gamble where the house knew the odds and I didn’t.

I remember as a 20 year old a friend who, like me, was single with no dependents buying life insurance. I commented that it seemed to me like betting that you’re going to die. If you don’t die, you lose. The only way to win is by dying.

I wish I knew the odds of needing medical evacuation. In the meantime, I’m reluctant to bet against the house when it knows the odds and I don’t.

This does remind me though that I need to find a lawyer in Zihuatanejo who can be my legal representative in the event that I become incapacitated.