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(CNBC)   Sure, Covid was hard on everyone, but spare a thought for the poor life insurance companies   (cnbc.com) divider line
    More: Sick, Underwriting, Insurance, life insurance industry, largest year-over-year jump, Actuarial science, life insurance providers solvent, staggering loss of life, model rule  
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801 clicks; posted to Business » on 01 Dec 2022 at 5:20 PM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



22 Comments     (+0 »)
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2022-12-01 4:30:04 PM  
Don't you fret, they will be fine.
Your thoughts should run to taxing the profit the Life Insurance carriers will post.
 
2022-12-01 4:42:13 PM  
No vaccination? No cash out
 
2022-12-01 5:23:54 PM  
"A" vaccine question will appear?

Given the rise of the anti-vax hordes who either have prevented their kids from getting their shots or have avoided it themselves, I'd have a dozen checkboxes with doctor confirmation before a policy is written.
 
2022-12-01 5:36:46 PM  
Rubbish collection in my city has been delayed by 5 days now because all the garbagemen are off with covid, so everything's going fine
 
2022-12-01 5:40:11 PM  
The article isn't crying for the insurance companies... it's saying that they may refuse to give you life insurance if you've had covid. If you're young and currently uncovered... that's a big farkin' deal.
 
2022-12-01 5:58:47 PM  
I've had to do blood tests in order to get life insurance in the past, and they always want to know if I've ever been a smoker.   I'm fine if they want proof of vaccination in order to provide coverage at less than twice the price or to provide coverage at all.  It's just like homeowners insurance if you live in a flood zone.
 
2022-12-01 6:05:18 PM  
Was?

COVID will be the 3rd leading cause of death again this year. Additionally as many as 1 in 50 working Americans can't work anymore. 1 in 20 (or more) Americans report having their lives diminished, as in a new disability.

There is no particular reason to believe things are getting less risky or that those already harmed will see therapies that can help anytime soon.
 
2022-12-01 6:26:39 PM  
Life insurance depends on actuarial analysis. Actuarial analysis depends on reliable data. Our government, at all levels, has obscured and manipulated that data to varying levels. Actuarial analysis on unreliable data means life insurance companies can't accurately assess risk when it comes to COVID-19 severity and mortality. Proof of COVID-19 vaccination is one likely way life insurance companies reduce their exposure to a risk that they can't accurately assess. Raising prices is another.

Don't get pissed at life insurance companies. Get pissed at your local, state, and federal government. They're the ones that farked up the data regarding the actual severity and mortality of COVID-19.
 
2022-12-01 6:28:21 PM  

Tell Me How My Blog Tastes: The article isn't crying for the insurance companies... it's saying that they may refuse to give you life insurance if you've had covid. If you're young and currently uncovered... that's a big farkin' deal.


Yep, and it's not the fault of the life insurance companies. They're not going to insure a bald risk.
 
2022-12-01 6:28:27 PM  

Tell Me How My Blog Tastes: The article isn't crying for the insurance companies... it's saying that they may refuse to give you life insurance if you've had covid. If you're young and currently uncovered... that's a big farkin' deal.


It's more about how old you are and how hard it hit you. If you're in your 30s/40s had symptoms for a week give or take, no hospitalization, no continuing concerns like fatigue or dyspnea that need to be evaluated or followed- you're probably fine.
But 60s/70s and up and it hit you like a ton of bricks? No so much friend.

The company I work for has a lot of old people on the books and our reinsurers have even asked us "Wtf is this happy horse shiat?" And it's a lot of our fault because we take small contracts (usually less than $25k) until a few years ago with relatively few requirements and people lied their farking asses off once we audited them and prompted us to ordered more information.

In short this is more about the bigger reinsurers trying to get a handle on a sizeable uptick in deaths from Covid, alcohol related disorders and vehicle accidents.
 
2022-12-01 6:54:47 PM  
I'm pretty sure this has something to with how hard my insurance company farked me with a premium increase when I came up for another 20 year term on my policy. Being older and fatter, I expected it to go up, but it was a really steep increase. I thinking everyone who is up for a new term will see pretty steep increase as they try to recoup their losses.
 
2022-12-01 7:16:11 PM  

Mad_Radhu: I'm pretty sure this has something to with how hard my insurance company farked me with a premium increase when I came up for another 20 year term on my policy. Being older and fatter, I expected it to go up, but it was a really steep increase. I thinking everyone who is up for a new term will see pretty steep increase as they try to recoup their losses.


Maybe not. There have always been ages where term insurance costs skyrocket. A 2nd 20 year term likely hits that range.

I had overlapping 10 year term policies from about age 25-45. Costs didn't change much even with increasing policy amounts at ages 25, 30, and 35. But then at about 40, it would have been nearly a 10x increase for another 10 years with the same coverage. But that's what I expected - the plan was always to get those cheap policies while I could and work toward "self insuring" plus the kids no longer being financially dependent.
 
2022-12-01 8:01:11 PM  

FormlessOne: Tell Me How My Blog Tastes: The article isn't crying for the insurance companies... it's saying that they may refuse to give you life insurance if you've had covid. If you're young and currently uncovered... that's a big farkin' deal.

Yep, and it's not the fault of the life insurance companies. They're not going to insure a bald risk.


This is why I always wear a well fitted toupee when I meet with my insurance agent.
 
2022-12-01 9:37:04 PM  
Brother in law works as a pension actuary for a fortune 500 company.  Covid has been very good for his departments bottom line. I wonder how many governments looked at the short time pension savings when deciding how to deal with it.
 
2022-12-01 10:44:57 PM  

FormlessOne: Tell Me How My Blog Tastes: The article isn't crying for the insurance companies... it's saying that they may refuse to give you life insurance if you've had covid. If you're young and currently uncovered... that's a big farkin' deal.

Yep, and it's not the fault of the life insurance companies. They're not going to insure a bald risk.


I don't think you can get hair loss insurance
 
2022-12-01 11:21:09 PM  

Tell Me How My Blog Tastes: The article isn't crying for the insurance companies... it's saying that they may refuse to give you life insurance if you've had covid. If you're young and currently uncovered... that's a big farkin' deal.


Ah, pre-existing conditions are back, baby!
 
2022-12-02 2:35:59 AM  

AppleOptionEsc: Tell Me How My Blog Tastes: The article isn't crying for the insurance companies... it's saying that they may refuse to give you life insurance if you've had covid. If you're young and currently uncovered... that's a big farkin' deal.

Ah, pre-existing conditions are back, baby!


It would be interesting for a life insurance policy to not cover death due to the pre-existing condition of being mortal.

BRB, I have to go issue a quick IPO
 
2022-12-02 11:29:21 AM  
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2022-12-02 12:02:00 PM  
If the company has balanced their life insurance book with annuities and long term care, they should be fine.  Covid will have a positive effect on the latter two with regards to the company's financials.
 
2022-12-02 2:29:39 PM  

Ken VeryBigLiar: Tell Me How My Blog Tastes:
It's more about how old you are and how hard it hit you. If you're in your 30s/40s had symptoms for a week give or take, no hospitalization, no continuing concerns like fatigue or dyspnea that need to be evaluated or followed- you're probably fine.
But 60s/70s and up and it hit you like a ton of bricks? No so much friend.


Isn't it already pretty difficult and/or expensive to get a new life insurance policy if you're in your 60s/70s?
 
2022-12-02 3:06:40 PM  

Lish: Ken VeryBigLiar: Tell Me How My Blog Tastes:
It's more about how old you are and how hard it hit you. If you're in your 30s/40s had symptoms for a week give or take, no hospitalization, no continuing concerns like fatigue or dyspnea that need to be evaluated or followed- you're probably fine.
But 60s/70s and up and it hit you like a ton of bricks? No so much friend.

Isn't it already pretty difficult and/or expensive to get a new life insurance policy if you're in your 60s/70s?


Not the cheapest thing but for most it's about stashing cash for their kids/grandkids away from the various state and IRS liability.
 
2022-12-02 3:10:17 PM  

dk47: If the company has balanced their life insurance book with annuities and long term care, they should be fine.  Covid will have a positive effect on the latter two with regards to the company's financials.


Yeah, variable annuities have been cut way back since the DOL rules came in during 2016 that makes you disclose how much is made on commissions and internal costs and LTC is going to get murdered when all the long haulers go on claim because they can't perform many ADLs like walk down their steps anymore hauling their oxygen tank.
 
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