I think the purpose of a insurance like car, house, life,... is to provide you the resources needed to live well in the case you get in a bad situation like losing your house or something like it... if you have an insurance you will not need to worry of being homeless.
But what about life insurance ? Maybe it would be right in the case of someone who provided you the resources for you to live, like parents for example. But we can make life insurances for anyone, even children.... for me it seems unethical since it looks like you are making an investiment, playing "stock market" with the lives of other people. I heard that you can do a life insurance for someone, and that person doesnīt even need to know about it.... it is particularly very useful if you intend to kill that person after making the life insurance.
As far as I know life insurance secures your family income if you die. And as we know people use life insurance as a scam to get money. That is when it becomes unethical.
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the very purpose of insurance is a transfer of risk not to insure a secure investment.
Not to mention there is even a life insurance product that pays you back all your premium dollars (term insurance) if at the end of your term tada you are alive.
There's nothing wrong with life insurance, or any other insurance. However, the insurance industry is a huge joke and rips off every person that pays into it. The insurance industry needs to be controlled by the government.
No way in hell insurance should be controlled by the govt. Generally speaking its not the insurance industry in general that rips people off its the person selling the product that needs to be kept in check.
Thats true it is the company responsibility, not the government... and I donīt think the purpose of an insurance is always exactly to help on the situation, is is very uncontrolled, and you can do whatever you want with the money, you can even just make an 1 million dollars insurance for your son, and unless you will bury him in a golden sarcophagus will not need that money.
But, the company doesn't "control itself". That's the problem. Right now, the government is just as corupt as the insurance indusrty. And the insurance indusrty DOES screw people. I hate to bring up a movie like The Incredibles, but the hero guys job is actually a pretty fair assesment of the insurance industry.
If we had a government that was AT ALL of the people, by the people and for the people...then it should regulate the insurance industry.
Sure the insurance company screws people.......but just like any big industry the worst is illustrated first hence its so easy to shake a stick at it. The Govt has put so many controls on insurance its insane however because there are no "universal" rules insurance runs rampant through loop holes in a corrupt govt system
i think its a good idea, giving people money to help them through their grief, people dont realise how much funerals cost, its pretty bloody expensive
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You pay a certain amount of money a year when you make an insurance policy. You make the policy for so many years and you pay the same amount each year. The amounts may differentiate depending on your income.
The Interest rate of Insurance companies is higher than the bank. The Isnurance company invests your money, but it doesnt tell you in what. It can be loans and investments.
At the end of your policy, if you are still alive (depending on the amount of years you made it for) you get all the money you gave the insurance company + interest.
The drawback i see in this is that the value of the money you were paying over those years will obviously depreciate due to the cost of living ; meaning that if you paid 1000 a year for 20 years at a 6%, you would get your 20,000 + 1,200 interest which will total 21,200.
Insurance policies are mostly done as a savings 'just in case anything happens' account.
If say you fail to continue those payments in any part of the Insurance time-frame, be it at year 5 or year 18, you dont get any of the interest accrued. These things may vary from company to company.
So if you die in that time-frame, your family will be able to find an amount of money that may sustain them for a certain period after your death, since the family income would have been cut short.
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As I said before thats why the Govt shouldn't run it AT all. Govt's running operations like this eventually lead to a socialistic economy..........the govt already lead so many other things that people complain about OH I can see them really coming in and making sure everyone is well taken care of...........after they get enough kick backs.
KMC Community Forums
Dec 7th, 2005 05:49 PM
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