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That's basically what whole life insurance is, and it's a complete scam IMO because premiums are high (to allow for investment) and the investment is too conservative. You're much better off buying term life insurance and investing the difference.

You can partly do this DIY with self insurance. Basically, you put a certain amount of capital into a bank account or something and hand that over to the state treasurer in a trust, and it needs to be about $200-400k in my area (range is because the law isn't clear to me). If you can stand to part with that much, you probably prefer to have the insurance take that risk for you so you can retain control over that money and not worry about lawsuits.

bc “businessmen” in america think they are providing something of value and not utter bullshit

Once you start seeing insurances as casinos where you can bet on something happening to you or not it makes a little more sense

Homeowner's insurance is worse, almost as bad as health insurance. Try getting them to pay out, and if they do, watch your rates go up, or your policy get cancelled. If you have a mortgage, you must have homeowner's insurance. State Farm cancelled me out of the blue after 25 years without a single claim.

I suspect they all conspire to cancel policies, knowing that we need to go somewhere, so State Farm cancels a customer, and they go to Allstate at a much higher rate, and Allstate cancels a different customer, and they go to State Farm at a much higher rate. This forces the customer to go through a new approval process, and sign a new contract that is probably worse for them than they had before, in addition to being a higher rate.

• Léon: Tony... All the money I make, that you keep for me...
• Tony: You need some money?
• Léon: No, just curious... Because, I've been working a long time... And I havent done anything with my... I thought maybe someday I could
• [uncomfortable]
• Léon: use it.
• Tony: [Figuring him out] You met a woman.

Insurance is valid, profit from insurance is where it gets problematic cause the whole point of insurance is to have a similar average outcome, just less extremes in the worse case scenario.

How do the 'ppl who actually know' defend this obvious scammy aspect of the whole thing? Genuinely curious

What's hilarious to me is, if you're rich, you aren't legally obligated to even HAVE insurance!