Any insurance, be it car, house, life. It's all scams. You're essentially paying someone legally to bet on your behalf, and than getting a pittance of a payout. That's ONE problem. The more annoying problem, is rapid hyper inflation in whatever industry is touched by insurance. Car insurance for example, a small light bulb used to cost a few cents to replace. Now, you need to buy the entire casing, the wiring, and it costs 1200$ not including labor. This is because you only pay the deductible, so everyone and their mother can skimp from the top. Same with homeowners insurance. A simple home inspection is 500$. In 1955, getting a deed/house title notarized and approved was 1$ …. I know because I saw a historical document to that effect. Thanks jews! A true blessing to the world /s
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[–] KobeBurger 1 point 1 point 2 points (+2|-1) ago (edited ago)
My term 25 is $25 a month. For 25 years that is $7,500. If I die, my wife and kids get half a mil and pay off the house, debts and top up the kids education funds. If I make it beyond that time, I cancel the policy and it was a good $300 per year to give me peace of mind.
[–] AngryInVirginia 0 points 1 point 1 point (+1|-0) ago
It is similar to hedging an investment. In an ideal situation you are going to lose some money on it. But you are accepting that loss to cover your losses in the event that things do not go the way you had planned. I am not turning my back on something like that no matter how much of a sham people on this forum say it is.
[–] KobeBurger 0 points 1 point 1 point (+1|-0) ago
Exactly. They probably just came across someone who was trying hard to sell them the wrong kind of insurance because it pays a big commission.
[–] [deleted] 1 point 1 point 2 points (+2|-1) ago
[–] KobeBurger ago
No, mine was underwritten after I passed a full health screening. I die, it pays. The only way it wouldn't pay is if I committed suicide in the first 2 years, or don't pay the premiums. That 2 years was done over 10 years ago, and I'm not going to miss paying a $25 premium. The insurance you're talking about is either whole life or universal life, good if you have the bucks for it, for most people, they just need term insurance to cover a period of time of debt.