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Our friend Holly R sent this along:

"The share of Americans with health insurance fell last year, despite a strong economy that lifted families out of poverty." [emphasis added]

Heh.

More likely: because (better wages = lower/no subsidy)

It's just common sense.

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You've likely read about the tragic story of the diving boat incident that claimed almost 3 dozen lives last week. One of the unexpected things that happened pretty quickly was a lawsuit ...

Wait a minute, Henry: why would that be a surprise? Of course the families of those killed would seek some kind of compensation.

Well, that's true, of course, but this lawsuit was actually filed by the boat's owner against those families.

Hunh??

Well, it seems that there's a longstanding maritime law that enables a boat's owners to limit (or even prohibit) monetary damages as a result of this kind of tragedy:

"The owners of the diving vessel that caught fire in California and killed 34 people last week filed a pre-emptive lawsuit last week, seeking to limit payouts to the families of victims. The lawsuit was filed three days after the boat caught fire, while families were still grieving, and bodies of the victims were still being removed from the water."

Wow, talk about heartless.

But maybe not:

"The owners ... have blamed their insurers for a lawsuit that they  filed to limit their payouts to victims' families, calling it an "unfortunate side of these tragedies."

Oh sure, blame the insurer.

On the other hand, it's the insurer's duty to its policyholders and owners (stockholders) to limit those damages, and that's why they keep lawyers on hand for just this kind of situation. It does seem rather crass, but the insurer is also bound to do all it can to mitigate the damages. And the timing, while unfortunate, may have little to do with lack of compassion, and much to do with timely filing.

Our hearts, of course, go out to those families, but this seems to be strictly business.

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Just about two years ago, we reported on a potential problem still lurking under the radar:

"For decades, life insurance carriers ... sold permanent universal life insurance policies, marketed as "insurance for life," utilizing outdated mortality tables that did not take into account the fact that Americans were, and are, increasingly living to and past the age of 100."

To be sure, there are still quite a few other permanent-type plans out there with the same issue.

And what issue is that, Henry?

Well, when these plans "mature" while the insured is still alive, that person is likely to be hit with a pretty hefty tax bill; that is, the policy is paid out as a lump sum to the insured, and any excess over the total premiums paid are taxable. That could be a sizeable sum indeed, and is a double whammy (since that policy is now canceled).

Until now, there really wasn't much one could do about in-force plans (hence the clarion call for a class action lawsuit).

But in a Long Term Care insurance (LTCi) product training session last week, I learned about another product that might be a solution to the tax issue:
OneAmerica Life offers an annuity product that's available to folks up to 99 years old, and doesn't require forced annuitization (or Required Minimum Distributions). While marketed as a potential LTCi alternative, it struck me as solving at least part of that "maturation" problem, since there's no immediate funds to pay out and thus be taxed. Called "Legacy Care®,"  it lets one roll-over the cash value of an existing life insurance policy and continue to defer taking the tax "hit" (although it's going to fall to one's heirs eventually).

Not perfect, of course, but at least a little light at the end of the tunnel.

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So a while back, we blogged on the potential issues one might face as a trans/other-American in the market for life insurance. It's now back in the news (sorta) due to this rather silly Tweet:

An actuary on the staff at the National Association of Insurance Commissioners is wondering whether, and how, the existence of nonbinary people might affect the world of life insurance.@naic https://t.co/w66AR7pAhd

— ThinkAdv Life/Health (@TA_LifeHealth) September 3, 2019

It's silly because (for starters) trans/other Americans comprise barely a rounding error of the general population. Actuaries, by definition, work with very large groups, not infinitesimally-small ones, which would yield an essentially meaningless sample.

But wait, it gets "better:"

Actuaries estimate "probability of risk," that is, the likely number of expected deaths from a (again, large) population; it's merely a pricing tool.

The only opinion that matters here is the underwriter's, because his job is assessing the specific risk, and then deciding whether or not it's acceptable, and at what premium (rating factor).

In the event, neither of these folks would ever even see such an application in the first place, for a very simple reason: all life applications require one to provide name, social security number, date of birth, and sex (among other things). Applications missing this information will be returned to the agent for completion.

There's also the small problem of the "misstatement of age or sex" clause, which would come into play at claim time.

But even more important, from that underwriter's point-of-view, is this:

"As I discussed with a life field rep friend a while back, the life company is likely to decline the case altogether because of the increased suicide risk."

By the way, these issues would also come into play with auto, disability income, long term care and other types of insurance, as well. Which means a lot of wasted time for a trifle.

Talk about much ado ....

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Mutual of Omaha, that is:

"We hope the first video interview we did with Demerri Bond was helpful and insightful. Now, we're excited to bring you the next in the series, an interview with underwriter Carol Carville."



MoO is currently our primary LTCi carrier (due to great value and strong financials), but the points Carol makes apply to pretty much all carriers.

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Insurance Tips and trik auto insurance, auto insurance quotes, auto insurance companies, auto insurance florida, auto insurance quotes online, auto insurance america

Insurance Tips and trik auto insurance, auto insurance quotes, auto insurance companies, auto insurance florida, auto insurance quotes online, auto insurance america

Heh:

[Hat Tip: FoIB Holly R]

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