ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Life Insurance, Playing the Game

Updated on November 13, 2019

Life Insurance, a closer look

Just a quick look at another passing thought, of that wonderful slippery slope of growing old and that eternal insurance game.

I went out and checked my mail, behold, a note from my bank requesting acceptance from me on Life Insurance. Interesting. For a very low figure, my bank will purchase Life Insurance for me and give to my beneficiary. The sum this person would get is insanely small, it may repay the flowers they send. But… Don’t you love that word? But, if I choose the one that is recommended, my benefactor would receive approximately three hundred thousand percent more in payoff, while charging me quarterly for a small sum. That, of course, would be paid by me. Reasonable you say, of course. But on reading the fine print, I noticed something that struck me hard. “All coverage is reduced by 50% at age 70 or older”.

Let’s see, first, the Insurance companies are after Americans to purchase insurance at an early age, with the promise that the rates will never rise on them. Then take into consideration that, most Americans are living beyond the age of 70.

The insurance companies have dipped into your pockets for thirty to fifty years, now you hit age 70, and your payoff has just dumped you by half. Wow. Another reminder, you still haven’t even reached retirement age! So your rate is the same, but your payoff is cut in half.

What happened here? What happened was the insurance company was betting on your life span, knowing the statics that you would most likely outlive your insurance plan. And when you have thousands and thousands of people purchasing plans, year after year, insurance is raking it all in, I think you can guess the rest.

I can remember as a kid, my grandpa had an old can that I would catch him occasionally put money into. Never gave it much thought, I was a kid.

Maybe Grandpa had something we didn't know about? A little sense and I'm not talking about the money in the mattress scheme. It wasn't that he didn't trust banks entirely, we know he had his account and used it accordingly. And yes, he had insurance, but one thing he could count on was putting money in a spot at home, providing no one stole it, it would be there. Money that did not come with interest rates, penalties or drafting fees. This my friends was his way of becoming "self-insured". This money was a savings, insurance of his own, one that would never drop in value (providing we don't have another crash in the market).

Lesson here is a little sense that can make a lot more cents.

While I am not a closed proponent of insurance, I think one would do well to read and THINK about what they need, not want, when choosing insurances


This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

Show Details
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
ClickscoThis is a data management platform studying reader behavior (Privacy Policy)