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lifetime health insurance
06-28-2006, 09:11 AM
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#1
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Recycles dryer sheets
Join Date: Jun 2006
Posts: 133
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lifetime health insurance
In the book "Work Less, Live More" the author mentions that he knew someone that bought lifetime insurance which had a single upfront primium. Where/Who sell this insurance?
Rodger
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Re: lifetime health insurance
06-28-2006, 09:15 AM
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#2
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Moderator Emeritus
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
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Re: lifetime health insurance
So Einstein is assuming that the underwriting health insurers will be around in another 35 years.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.
As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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Re: lifetime health insurance
06-28-2006, 09:20 AM
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#3
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Recycles dryer sheets
Join Date: Jun 2006
Posts: 133
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Re: lifetime health insurance
Quote:
Originally Posted by Rich_in_Tampa
So Einstein is assuming that the underwriting health insurers will be around in another 35 years.
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Sounds like sarcasim to me. Why don't you like the author?
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Re: lifetime health insurance
06-28-2006, 09:38 AM
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#4
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Moderator Emeritus
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
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Re: lifetime health insurance
Quote:
Originally Posted by rw86347
Sounds like sarcasim to me.
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Not aimed at the author but at the alleged "someone" who paid a presumably huge sum for coverage which may be needed for decades, with health costs already inflating at staggering rates, highly technology-dependent, ever-increasing life expectancies and hence coverage terms, etc. Talk about high risk investments.
Not to be confused with "life care," in which room, board, and assisted living expenses are covered for life, not health care itself. That is a viable industry already.
Seems to me the only entity that could take that on with any hope of reliability would be the feds.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.
As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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Re: lifetime health insurance
06-28-2006, 09:38 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,670
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Re: lifetime health insurance
Many years ago I used to prepay my health insurance 6 months in advance just to avoid writing checks every month. *A couple of weeks after I wrote the check, news broke that the insurance company was having financial problems and there was a good chance that it would shut down operations.
Lucky for me it cut some costs and managed to stay afloat.
I switched insurance companies and I signed up for monthly auto-debits.
You would have to be completely nuts to prepay for 10, 20, or 30 years.
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Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
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Re: lifetime health insurance
06-28-2006, 11:42 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Posts: 1,490
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Re: lifetime health insurance
Quote:
someone that bought lifetime insurance which had a single upfront primium
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... sure this was health ins.?
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Re: lifetime health insurance
06-28-2006, 12:55 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: No. California
Posts: 1,858
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Re: lifetime health insurance
There was a mention about Long Term insurance being paid in advance in the book. Bob Smith, who used to post here bought policy's for both he and his wife.
Do you have a page number to reference?
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Re: lifetime health insurance
06-28-2006, 01:04 PM
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#8
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Moderator Emeritus
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
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Re: lifetime health insurance
Quote:
Originally Posted by KB
There was a mention about Long Term insurance being paid in advance in the book. Bob Smith, who used to post here bought policy's for both he and his wife.
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Long term care maybe? That is, nursing home insurance? Still can't imagine single premium life-long health. Betcha that was a misunderstanding.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.
As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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Re: lifetime health insurance
06-28-2006, 01:06 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Re: lifetime health insurance
Quote:
Originally Posted by Rich_in_Tampa
Long term care maybe? That is, nursing home insurance? Still can't imagine single premium life-long health. Betcha that was a misunderstanding.
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Nope, the posyer claimed to have bought it. A few years ago, most of the industry vastly underpriced these policies and did stupid stuff like selling simgle premium LTC. MAny of tehm are now VERY sorry they did so.
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"All animals are equal, but some animals are more equal than others."
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Ezekiel 23:20
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Re: lifetime health insurance
06-28-2006, 01:50 PM
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#10
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Moderator Emeritus
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
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Re: lifetime health insurance
Quote:
Originally Posted by brewer12345
Nope, the posyer claimed to have bought it. A few years ago, most of the industry vastly underpriced these policies and did stupid stuff like selling simgle premium LTC. MAny of tehm are now VERY sorry they did so.
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No doubt.
But I was referring to long term health insurance. Still can't conceive of anyone selling that .
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.
As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
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Re: lifetime health insurance
06-28-2006, 02:26 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Posts: 1,490
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Re: lifetime health insurance
i'm torn between the following:
1) i can't imagine any reasonable company offering such a product
2) i can't imagine any reasonable person buying such a product from any company that would offer such a product
3) i can't imagine how any reasonable person could afford what must be the single premium if offered from a reasonable company, and if such a reasonable person could afford to do so, they could likely afford, and it could be more resonable, to self insure.
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Re: lifetime health insurance
06-28-2006, 03:14 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Feb 2005
Posts: 2,032
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Re: lifetime health insurance
Quote:
Originally Posted by brewer12345
Nope, the posyer claimed to have bought it. A few years ago, most of the industry vastly underpriced these policies and did stupid stuff like selling simgle premium LTC. MAny of tehm are now VERY sorry they did so.
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Lot of them have started pushing 5 pay and 10 pay LTC
I'm sure that will eventually lead to the same fiasco
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Re: lifetime health insurance
06-28-2006, 03:21 PM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Re: lifetime health insurance
Quote:
Originally Posted by saluki9
Lot of them have started pushing 5 pay and 10 pay LTC
I'm sure that will eventually lead to the same fiasco
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Probably. Having said that, prices are a lot higher than they used to be, so hopefully they have learned at least something of a lesson. Several hundred million dollar reserve charges tend to offend...
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"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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