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While the stuff about disability and LTC insurance is slightly concerning, the part about life insurance isn't. I've never seen any convincing evidence that li

While the stuff about disability and LTC insurance is slightly concerning, the part about life insurance isn't. I've never seen any convincing evidence that life insurance is anything but a big scam. The only time it seems to make any sense if if you're pretty sure you're going to die very soon, and take out a term life insurance, but this seems to require either the ability to see the future, or a plan to hire someone to kill you so your family gets the insurance money. Why auto or property insurance would be affected by your DNA I can't even begin to imagine.

lazide 2y ago
Term life insurance is not a scam if you have dependents. It’s offloading the potentially severe consequences to someone else if you’re the primary wage earner and die, during a defined period of time. And it’s generally inexpensive. Think ‘normally I’d be working for another 20 years, would buy a house, send kids to college, etc. but I just got diagnosed with terminal cancer and now my kids are totally screwed.’. Whole life insurance is a scam.
- A4ET8a8uTh0 2y ago
  << Whole life insurance is a scam. I think I know where you are going with this, but could you elaborate? Is the objection here based on math ( whole is life is more expensive than term so it is not cost-effective? -- because otherwise you are simply paying premium for another benefit ) or something else?
  - lazide 2y ago
    It is term life + an annuity in disguise, with worse returns. That is also why it is the dominant product that life insurance sales folks try to sell. Because term life is well regulated and understood, so not high margin. They generally get really disappointed when you buy a standard term life policy, but they’ll still sell it to you because money is money.
actionfromafar 2y ago
Do you have a disposition making you more likely to end up in an auto accident? Can some other correlation be done which is not genetic per se but works out to some higher risk social stratum in aggregate? You never know. The power imbalance is great, they won't tell you why you got your score and with enough machine learning they probably can't even if they wanted.

lazide 2y ago

Term life insurance is not a scam if you have dependents. It’s offloading the potentially severe consequences to someone else if you’re the primary wage earner and die, during a defined period of time. And it’s generally inexpensive. Think ‘normally I’d be working for another 20 years, would buy a house, send kids to college, etc. but I just got diagnosed with terminal cancer and now my kids are totally screwed.’. Whole life insurance is a scam.

A4ET8a8uTh0 2y ago
<< Whole life insurance is a scam. I think I know where you are going with this, but could you elaborate? Is the objection here based on math ( whole is life is more expensive than term so it is not cost-effective? -- because otherwise you are simply paying premium for another benefit ) or something else?
- lazide 2y ago
  It is term life + an annuity in disguise, with worse returns. That is also why it is the dominant product that life insurance sales folks try to sell. Because term life is well regulated and understood, so not high margin. They generally get really disappointed when you buy a standard term life policy, but they’ll still sell it to you because money is money.

actionfromafar 2y ago

Do you have a disposition making you more likely to end up in an auto accident? Can some other correlation be done which is not genetic per se but works out to some higher risk social stratum in aggregate? You never know. The power imbalance is great, they won't tell you why you got your score and with enough machine learning they probably can't even if they wanted.