As the house is set to vote today on the historic "Health Care" legislation it occurred to me that we should also prevent the insurance companies from excluding people from or charging higher rates for life insurance based on health factors and age. It's just not fair. My 90 year old grandfather who has a host of health problems should not be excluded or charged more than I would for a $1,000,000 policy. Those evil insurance companies are standing between my family and a cool $1,000,000.
Let's march on Washington! Who's with me? I said WHO IS WITH ME? ... Anyone? No one? What's wrong here?
I suspect that in fact no one would be with me on this, but why not? Because deep down people understand what insurance is and what insurance is not. The changes to the health care bill change health insurance to be at best health wealth redistribution and at worst health welfare. Well, what exactly is insurance?
Insurance is where one party guarantees another party against a loss for compensation. In the case of life insurance, the company is betting that you won't croak within the term and you are betting that you will (while hoping you don't). Would -any- insurance company make that bet on my above mentioned grandfather? Not likely, but if they were it would carry an enormous fee--and it should!