What is the biggest myth you've ever heard someone saying about insurance before?

“Rich people don’t need to buy insurance. “Low-income” people no point buying insurance since the individual/ family is already living from hand to mouth.”

I’ve seen individuals drawing $10,000 a month unwilling to set aside a small portion of their income for insurance because they do not want to give up their lifestyle.
On the other hand, I’ve seen families of 4 with children drawing a combined $1,000 to $2,000 a month willing to set aside a significant portion of their income for insurance because they cannot afford to lose their lifestyle.

Big difference in circumstances here:
One doesn’t want to give up his lifestyle, the other cannot afford to give up their lifestyle.
Just because our income increases, doesn’t mean our lifestyle has to be more expensive.

No shade here, because to each his own. 🙂

Insurance is not useful at all other than covering.