Insurance & Costs of having and raising a child

[NTL]

I personally don't believe much in insurance probably because I don't have much wealth, and I believe that my wife is capable to raise the kid and pay off the loans without my contribution. Having said this, I do have the very basic kind of insurances, namely the HPS, DPS and Medishield.

I thought if a person do not have much wealth he should buy more insurance (protection and medical)? If a person have immense wealth he does not need any insurance at all.

I am capable of supporting my family even without my wife contribution but that does not mean I need only basic insurance because how sure am I that I wont pass away from any dread disease in the next few years?

If I were to depend on only HPS, DPS and Medishield, I think I have to have enough wealth to ensure my dependents (kids and parents) can survive without me and taking into account my wife is not around too.

Well you may be right, but generally poor people tends to skip or buy lesser insurance because they don't afford to spend this kind of money. Only the middle income people contribute more to insurance company, i could be considered in between of poor to average people in terms of wealth, but i would rather prefer to have a poor people mindset so that i could save up more for early retirement. You may think that i am speculating on my health/life, but i actually i see health/life much more important than money, buying insurance doesn't guarantee one from falling sick or losing his/her life, so what for?

Hahaha. You are right. Insurance doesn't guarantee one from falling sick or losing his/her life. That's why they say (life) insurance is for the surviving party, i.e. the dependents. You buy it, but you cannot enjoy it.