You can't save up for mishaps of life. Chronic disease, cancer can cost a lot more money than people can save up. That is why you buy insurance in case your hou

You can't save up for mishaps of life. Chronic disease, cancer can cost a lot more money than people can save up. That is why you buy insurance in case your house burns down. Catastrophic events are not things you can save up for in advance. Do you suppose that people should save up for in case their car crashes or their house burns down? Of course not. The whole point of insurance is that most people pay in more than they get back. A few take out way more money than they put in. That is acceptable because those who pay more, get safety in return. That is the whole point of a welfare system. Most pay more in than they get back, but they get safety back. They get the certainty that if their life should get screwed up by chronic disease, accidents etc, then there is something to fall back on.