When you get a loan, they always give you two numbers: the (nominal) interest rate and the APR. The first one takes into account only the interest you pay the bank, while the second is supposed to include fees and other items that get tacked on. Since banks get creative with their fees, you should always consider the APR more important than the nominal interest rate: if a loan costs you 1% up-front, that’s a lot of money to add to a potentially enticing interest rate!
When you get an insurance, you don’t really get anything. There is a ton of paper that explains what exactly you are insuring, and to what extent, and an incredibly long list of things that the insurance company decides it will not consider reasons for a payout. Some of them seem reasonable (for instance, if you have a term life insurance, there is always a suicide clause). Others are a bit iffy (no examples here, just look at your phone insurance for examples).
What is really strange is that banks are mandated to include fees in the APR, while insurance companies are not mandated to really do anything. The government prefers to deal with insurance, apparently, on a case-by-case basis. Certain practices are banned, while others are allowed. Some practices are allowed sometimes, others are forbidden on certain days of the month (just an example).
That makes it almost seem like there is no easy number that insurance companies could give us to give an indication of whether it’s worth it or not to get the insurance. Or is there?