You lose three times:

1. You pay for it
2. You die for it to work
3. Someone else gets the money

Pretty genius actually.

5/27/2011 12:39:19 AM

go to bed

5/27/2011 12:41:18 AM

It is a contract to protect against risk. It is just another financial instrument.

5/27/2011 12:42:07 AM

go to bed

5/27/2011 12:45:52 AM

I feel this way about pretty much all insurance.. Until I need it anyway

5/27/2011 12:46:09 AM

I will only get life insurance if I start a family.

5/27/2011 12:48:26 AM

Family or not, Life Insurance will not be in the budget. I'd rather save the money and if I am not dead by 75 years old I'll blow it

5/27/2011 12:54:15 AM

not Leaving a burden debt that your family may not be able to support isnt worth a few bucks a month?

[Edited on May 27, 2011 at 12:42 PM. Reason : G]

5/27/2011 12:41:58 PM

wait, i bet this guy was watching the chris rock special from 1999 on hbo last night when he made this thread

it was on abt the same time and there's a bit on this.

5/27/2011 12:51:41 PM

You never miss a chance to rain on someone's parade

5/27/2011 12:53:48 PM

Quote :

"not Leaving a burden debt that your family may not be able to support isnt worth a few bucks a month?"

Have you ever stopped to think: how do insurance companies stay in business if their inflow is less than outflow? How do they pay for all their employees? How do they pay for all their advertisement?

Insurance is like buying a lottery ticket. A few will win, millions will lose.

5/27/2011 1:12:39 PM

People buy insurance and hope to not use it. I guess you are calling that "losing".

5/27/2011 1:14:15 PM

Some policies let you cash out half the value if you get a terminal illness

5/27/2011 1:16:23 PM

It all comes down to responibility

People who pay themselves insurance payments every month and become their own insurer have more control over their finances when a disaster hits. There's no waiting for approval to use the money. There's no exceptions, exclusions, or fineprint that can deny you money. It's your money.

Whatever you don't use will be passed down to your kin (life insurance)

[Edited on May 27, 2011 at 1:21 PM. Reason : winning.]

5/27/2011 1:21:20 PM

solid logic.

5/27/2011 1:24:43 PM

Doctors overcharge insurance companies anyway.


I just had a $303 doctor's bill. I called up and asked if they had an uninsured discount. They dropped my bill to $242.


That's $60 of thievery from the insurance companies on a $240 bill.

5/27/2011 1:28:01 PM

How do you know he's not taking a $60 loss?

5/27/2011 1:30:53 PM

First Rule of business: People are not in business to lose money.

5/27/2011 1:32:06 PM

So what's the problem, then?

5/27/2011 1:33:36 PM

I just got life insurance. Lucky peter.

5/27/2011 1:35:18 PM

Quote :

"So what's the problem, then?"

Ooh... a thinking critically problem.


This one's for you to answer. All the information you need is within the posts above.

5/27/2011 1:38:11 PM

When you charge above cost for pizza, are you thieving or are you making a profit?

5/27/2011 1:39:59 PM

GeniuSxBoY doesn't have health insurance.

to me you're not a genius to me

5/27/2011 1:40:09 PM

^ I was just about to post that exact same thing!

5/27/2011 1:41:06 PM

Life insurance is well worth the cost if you have any sort of debt and/or you don't have 6+ months of expenses saved. I would hate to know my parents or wife were saddled with my student debt and house debt because I got hit by a bus.

Plus with the local insurance people I get a discount larger than the cost of the insurance for pairing it with renters insurance

5/27/2011 1:59:24 PM

I've never understood why my family would be responsible for my debt when I die if the debt isn't in their name. I can set aside money to be used for the funeral or whatever. Is there something in the law that actually transfers debt to family members, or do people just take the debt out of some sense of "honor"?

And after about two minutes of research, no, there isn't any law that says debt is inherited. So, I'd say to my family, "tell anyone that says you owe them some money 'Fuck off!'"

[Edited on May 27, 2011 at 2:04 PM. Reason : ]

5/27/2011 2:02:10 PM

You're just looking at it wrong.

What you need to say is:

"Life Insurance scams are a pretty sweet deal!"

5/27/2011 2:03:13 PM

^^then they seize all of the assets in your name or whoever you left them to

5/27/2011 2:08:21 PM

Quote :

"I would hate to know my parents or wife were saddled with my student debt and house debt because I got hit by a bus."

Sue the shit out of the bus, the bus driver, the City, and the DOT.

Your wife will have her shoes for life, goddamnit!*

















































































*just not you

5/27/2011 2:09:05 PM

^^Sounds about right.

[Edited on May 27, 2011 at 2:10 PM. Reason : ]

5/27/2011 2:10:08 PM

Yeah, the debt is paid from the estate.

I'm sure there are some unscrupulous operators that try to portray that the family owes the debt, though.

5/27/2011 2:12:32 PM

Quote :

" Life insurance is well worth the cost if you have any sort of debt and/or you don't have 6+ months of expenses saved. "

This is irresponsibility. You totally ignore to look at how life insurance is able to cover your debts without you ever paying for them. Not just for you, but for everyone they cover.

Who is crazy enough to say "Hey! you give me a dollar a day and I'll cover your debts if you happen to die?" Only people that know your chances of dying are pretty slim.

It's the gambling mentality in humans that gets you. You give me a dollar a day to play the lottery, and if you hit the numbers, I'll give you $10,000,000.


But wait! There's more. IF the insurance company does not make MORE money off you than your accrued debt before you naturally die, it means it's a Ponzi scheme. What that means is that they are using YOUR money to pay for other people's insurance today but tomorrow, when you're ready to use it, the company will have no money, be out of business, or have changed their terms of service to exclude you.

[Edited on May 27, 2011 at 2:14 PM. Reason : .]

5/27/2011 2:13:35 PM

Are you real?

5/27/2011 2:14:48 PM

omg you personally just figured out the entire financial structure of the insurance industry of the United States in 34 seconds

quickly someone phone the White House, we have a new hire

5/27/2011 2:17:56 PM

The truth hurts.


It's like smoking during an Mtv truth commercial.

5/27/2011 2:22:54 PM

Federal guidelines require insurance companies keep a minimum amount of cash on hand in relation to their number of clients in the event they have to pay for their policies, much like a Vegas casino. So you're half right except the industry is regulated in the minimum liquidity requirements, so call it a partial Ponzi scheme if it makes you happy.

Federal regulators, too, also calculated your possible scheme in 34 seconds.

5/27/2011 2:26:07 PM

There's just no way they'll be able to cover all their policies at one time.

Fact.

There's just no way they'll be able to cover 50% of their policies at one time.

Fact.

Where is the line? Is it 25%, 15%, or even 8% of their policies at one time before they run out of money?

I'm interested in knowing.


Insurance couldn't handle katrina and that is less than 8% of the United States.

5/27/2011 2:30:47 PM

^

5/27/2011 2:31:30 PM

FACT

There's insurance for insurance companies who have everyone trying to collect at the same time.

5/27/2011 2:35:35 PM

While you go fill out paperwork and pray to jesus that you're going to see any sort of money, and wait for some shmuck over the phone to decide your fate,


I'll have my money instantly.

5/27/2011 2:40:16 PM

^^ a lot of that was linked to what was purchased by the government under TARP

insurance for insurance companies in the event that everyone simultaneously collects was developed under new mathematical techniques developed at the Chicago Board of Trade and the legislation couldn't keep up with the new financial products


by the way, http://www.naic.org/ is a great site that provides baseline info about minimum insurance company capital requirements

I consider this field to be expanding!



I knew someone who worked for TARP when it got setup in 08. I always thought she was so hot and then she ended up marrying this fat, rich guy from Massachusetts. Once she gets divorced I will be there. Additionally she was my girlfriend's-at-the-time friend

[Edited on May 27, 2011 at 2:46 PM. Reason : ]

5/27/2011 2:42:17 PM

Grass is always greener, broheim.

5/27/2011 2:47:04 PM

Quote :

"Grass is always greener, broheim."

Fact

5/27/2011 2:48:21 PM

Quote :

"I've never understood why my family would be responsible for my debt when I die if the debt isn't in their name. I can set aside money to be used for the funeral or whatever. Is there something in the law that actually transfers debt to family members, or do people just take the debt out of some sense of "honor"? And after about two minutes of research, no, there isn't any law that says debt is inherited. So, I'd say to my family, "tell anyone that says you owe them some money 'Fuck off!'""

Yea whoever received your estate would have to pay up or let everything be sold at auction to cover the debt. For instance in the wife case they could come in and sell the TV, clothes, bed - everything that wasn't directly in her name - up to and including the house to settle debts. Or if your had a family member that wanted to get an heirloom from you the debt would have to be settled first (or they can bid for it at the auction like everyone else.)

For $15/month you can get like $100,000 policy that will cover your burial expenses + a significant portion (if not all) of your outstanding debt. Worth it for me, especially if you can get it discounted further via IEEE, bank, or pairing it with another policy.

5/27/2011 2:50:54 PM

Life insurance can definitely be worth it, but I don't think it always is; it depends entirely on how your assets/debt are structured. I think creditors sometime strong arm emotionally vulnerable survivors into paying things they don't have to.

5/27/2011 2:55:07 PM

5/27/2011 2:59:15 PM

Quote :

"There's insurance for insurance companies who have everyone trying to collect at the same time. "

also, life insurance is something that some people should need for a temporary time period. If you don't have anyone dependent upon you, you don't need it...and if you do, you should be working towards amassing enough wealth that they don't need any additional insurance.

5/27/2011 4:33:53 PM

Quote :

"For $15/month you can get like $100,000 policy that will cover your burial expenses + a significant portion (if not all) of your outstanding debt. Worth it for me, especially if you can get it discounted further via IEEE, bank, or pairing it with another policy. "

In order for insurance to make $100,000 off your $15/month to pay itself off at cost, you'd have be a client for 6667 months, or 555 years and 8 months.

Do you see something wrong with this picture?

Do you?

5/27/2011 5:12:17 PM

and if you find out you have a genetic disorder BEFORE getting life insurance, they can not let you have one for that specific reason

5/27/2011 5:14:43 PM

ITT we see evidence of a lack of financial knowledge by the majority

5/27/2011 5:16:09 PM