Wow, I can't believe this thread is still alive.
With regard to the high-premium-and-low-chance-of-payoff, I really don't pay a high premium. To me $156 a year is peanuts. Plus, my family tree is riddled with cancer, so the odds are, I will end up with it at some point. That's not me being dramatic; it's just statistically probable.
I have great health insurance (for now, of course
) and I have life insurance. I have no dependents, but I'd like to leave my nieces and nephew something, and when they get my house, I'd like the mortgage to be able to be paid off so the inheritance will be free & clear; and I've got that covered.
I figure this $25,000 won't change my life, but will be helpful, since I really don't have much debt. And like I said, if the cancer I eventually get is advanced and I have no hope, at least I'll have an extrra 25 grand to "play with." I can even give it to my favorite charity.
So for me, this policy makes a lot of sense. That might not be true for everyone, but for me (no dependents, high risk of cancer, small amount of debt) it's the wise choice. The only insurance I think I do need that I haven't gotten (yet) is long term care insurance. that's on my agenda. Again, I go with statistics and odds, and odds are, I may end up in a nursing faclity or other type of LTC before I die, and I don't want my family burdened with the cost, or worrying about having me spend-down to get Medicaid-qualified.