If you can manage your finances well, then sure. Many people would see that pile of cash in their savings and spend it. Paying a monthly amount to a third-party is safer in many ways, even if you have some % of overhead.
You assumed my views without asking.
My comment only referred to there still being a benefit in choosing to have insurance even with perfect information about risk and expected benefits. At no point did I even imply that I thought "it's irresponsible to own anything".