lifetime health insurance

[rw86347]

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

 

[Rich_by_the_Bay]

So Einstein is assuming that the underwriting health insurers will be around in another 35 years.

 

[rw86347]

So Einstein is assuming that the underwriting health insurers will be around in another 35 years.

Sounds like sarcasim to me. Why don't you like the author?

 

[Rich_by_the_Bay]

Sounds like sarcasim to me.

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.

 

[retire@40]

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.

 

[d]

someone that bought lifetime insurance which had a single upfront primium

... sure this was health ins.?

 

[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.

Do you have a page number to reference?

 

[Rich_by_the_Bay]

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.

Long term care maybe? That is, nursing home insurance? Still can't imagine single premium life-long health. Betcha that was a misunderstanding.

 

[brewer12345]

Long term care maybe? That is, nursing home insurance? Still can't imagine single premium life-long health. Betcha that was a misunderstanding.

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.

 

[Rich_by_the_Bay]

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.

No doubt.

But I was referring to long term health insurance. Still can't conceive of anyone selling that .

 

[d]

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.

 

[saluki9]

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.

Lot of them have started pushing 5 pay and 10 pay LTC

I'm sure that will eventually lead to the same fiasco

 

[brewer12345]

Lot of them have started pushing 5 pay and 10 pay LTC

I'm sure that will eventually lead to the same fiasco

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...