A few months ago we missed a life insurance policy payment. Those commies canceled my policy. That’s not fair. So we sent them a check and said OOPS.
“NOT SO FAST, we don’t take you back just like that”, Insurance Guy Said.
So, the agent intervened (he doesn’t get his commission if they don’t keep me on). They sent out a medical interrogator to examine me.
DO I: Smoke, Drink, Do Drugs, Overweight, Exercise, Cholesterol, blood pressure, Aids, Sugar Diabetes, Family History of dying, etc etc etc??.
They asked and examined me every way from Sunday, took 4 quarts of blood (it seemed) I filled a half gallon bucket with (well you know). Tested my Stress.
The whole nine yards.
Then 6 weeks later after an actuarial with green eyeshades made a godlike decision on an overweight inactive person who’s 60 yrs old and who’s blood pressure just a bit too high could be insured I hung in limbo uninsured.
I thought about this because of the rebuilding of the Gulf Coast and New Orleans that is going on. Should we rebuild New Orleans just as it was? Should there be any restrictions on anyone building on oceanfront property again if they want to?
I have an answer, sure, build away. But don’t ask ME as a taxpayer to subsidize your decision to build with federal flood insurance. Banks should lend money and insurance companies should insure with the same care and consideration that the Life Group gave me. Actuarialialize away.
My lifestyle isn’t perfect. I have bad habits. I don’t work out. I eat poorly. I have made lifestyle choices and for that reason I pay a price when I buy life insurance. If it’s fair for people building in risky areas to get a socialistic insurance subsidy, where’s mine? The government should pick up the rating part of my insurance policy. Right?
If you build a 2 million dollar home directly on the Gulf you have made a lifestyle choice. The actuaries will help you decide if that’s a good choice or not. Don’t ask me to help you live a lifestyle that doesn’t make good sense.
If you can’t get flood insurance and you can’t get bank financing for that reason, don’t build. Now is a good time to rethink this whole thing.
The same thing goes for flood prone parts of New Orleans. If the actuaries won’t take the chance why should the rest of America subsidize a lifestyle choice that is a bad risk?
Eliminate federal subsidies for flood insurance. It’s not flood insurance, it’s lifestyle insurance.
Oh, and yes the life insurance company did take me back, no increase in premium. I’m still the man, (sort of).
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