Politicians in the USA and Canada endorse discrimination !! They don’t mind seeing the elderly financially RAPED. Not one politician replied to my inquiries about the discriminatory practices of Insurance companies and Term Life policies.
Even the OmbudService for Life & Health Insurance endorse the discriminatory practices of Insurance companies in Canada, just look at this quote from that office, who by the way, is the office that handles complaints about insurance……
”You are quite right that insurance companies discriminate. For example, younger people pay lower life insurance premiums than older people (age discrimination). Since women live longer than men, they pay lower life insurance premiums (sex discrimination). An individual who has just been diagnosed with an invasive cancer will not be able to obtain medically underwritten life or health insurance (discrimination based on physical infirmity). And, older experienced drivers pay lower car insurance premiums than teenagers (again, age discrimination)”.
Insurance Companies have been getting away with this kind of practice forever, but in their case it’s age, sex and disability discrimination. You can hear the insurance companies whining, “well, we base all of our policies on Actuarial Tables”. These tables are the result of exhaustive studies that have been done to more less tell insurance companies just how long people will live and it’s these studies that are the bedrock of the insurance business.
So if the success of a business can be directly linked to a “study or studies” why haven’t other businesses done that?
For example, if you want to base a business on studies the biggest boy on the block is the US Census. As a future business owner one of the things to look at, is who can afford your product. One might even base your sales on selling to those people with the highest annual income.
It looks like Asians make more annually than the rest of us. How far do you think you’d get if you put up a sign that said, “Only Asians Served?” You’d be brought up in front of a Human Rights Board. Which is, shock of shocks, common sense and the LAW.
With fewer and fewer folks having a retirement nest egg these days, it only makes sense that more folks will be living off of our countries old age pension systems. After looking up what an old age payment would be from many sources, in the US and Canada the average monthly government paid old age income would be around $1200.00 dollars per month. In some cases it might be more and some, less. If you retire at age 65 let’s look at what term life insurance will cost you on average
This is Discrimination based on age and sex.
By doing NOTHING politicians are endorsing this Age and other forms of Discrimination. Plus support the financial rape of the elderly. With elections looming this is not good practice for any politician. These insurance buyers are the folks that want to leave something for kids and grandkids. Even to be able to afford a funeral. Sure they bought life insurance, but life insurance is something you buy and forget. Believe me, when you’re slammed with a 600 dollar per month payment that jogs your memory pretty fast. No one can real afford that so…you cancel. You might look at other forms of insurance, but by the age you’ve reached by now, they all cost much more. It’s eye opening what Term Life will cost you in Canada anyway http://www.insurecan.com/ The USA is about the same as well.
Selling Term Life policies means that Insurance Companies are breaking the law. If company is caught making a profit off of consumers, by running an illegal operation. That company is usually told by the courts, to pay back all money.
In my opinion, since Insurance companies have been running a business based on, human rights stated, Discriminatory Practices, they should have to return all money paid to them by anyone that ever had a term life policy and change the way you do business so it’s fair for all.
You might ask why the media hasn’t jumped on this blatant law breaking. It all comes down to “don’t bite the hand that feeds”. Insurance companies are some of the biggest advertisers on the air and in print today.
Insurance companies as you’re laughing all the way to the bank just remember to …”GET OFF MY LAWN”
BRYAN COX…..Radio Host/Speaker/Author/Comedian/Lover of the Back-Slash/