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>You could say the same thing about social security too though I don't think I'll get back >= 100% of what I put in. You rarely get back your insurance premium
by crdoconnor 10y ago
>You could say the same thing about social security too though I don't think I'll get back >= 100% of what I put in.
You rarely get back your insurance premiums either.
It's called social security for a reason.
- koolba 10y agoWhen I started paying into social security they promised me retirement at 65. If an insurance company changed the terms of my payout after collecting years of premiums, they'd have a fun lawsuit to defend.
- dragonwriter 10y ago> If an insurance company changed the terms of my payout after collecting years of premiums, they'd have a fun lawsuit to defend. Unless there was a bankruptcy involved. Which, you know, happens to insurance companies.
- smallnamespace 10y agoInsurance company policies are backstopped by state and federal government guarantees (with amount limits).
- dragonwriter 10y agoFor the most part, they are backstopped by state-mandated-private guarantors (who in principle also have a bankruptcy risk), but not federal guarantees, and with fairly low limits (and sometimes at less than full value even before the limit, e.g., life insurance products on CA are at 80% up to either a $100K, $250K, or $300K limit, depending on the type of product.)
- crdoconnor 10y agoThe sales pitch/excuse they used to justify breaking this promise is the exact same one you used: "it's not sustainable". Plays better than "this was just our decision", I suppose.