There is a future market concern of the masses that I have, something that I have not heard a word spoken of with reservation. I believe in the next two to five years (ten years maximum) the market of life insurance will be deeply troubled and destitute. This will be another market that left consumers with the short end of the stick. I will tell you why and how this will come about, affect us, correlations between other markets, and the end result of this market.
The life insurance market has been, and is currently, very profitable to the companies that offer these types of plans. This is due to the large masses of people who pay monthly premiums for the few who will have unfortunate circumstances for which they get compensated. The issues will arise when the few begin to pay for the masses. This will occur in the not so distant future. As the Baby Boomers get older and slowly die off, the largest population demographic in United States History will disappear. When their families are compensated, less and less people will be paying into the pool from which the money comes. With the large promises of 30,000, 50,000 or 100,000 and more, these markets will swing very quickly from extremely profitable to absolutely insolvent. The companies will bail on the downturn and the people who have been paying into this system for many years will be left to pay the bill and receive nothing in return. This is the exact same issue that now plagues our broken Social Security system. Ultimately, this is nothing short of another form of corporate taxation on the masses. This allows for the elite rich to become wealthier while hurting the everyday person.
The whole idea of insurance needs to be understood by the masses for what it really is, and how it is not in their best interest to become part of it. Insurance, unlike what people like Michael Moore want you to believe, works against people instead of for them. Basic sense tells you two things: One, if you are paying a middle man who profits greatly, you will not get a good return value on the goods and services for which you are paying; two, when costs are socialized people take less personal responsibility for their own actions and health. If the masses truly knew of the markets to which they contribute, they would remove themselves from participation and deal directly with healthcare providers, or save their health and life insurance premiums in a special account in case they do need it. The average family pays roughly 800 dollars a month or more on healthcare premiums alone, and get next to nothing in return for that money.
In the end, the corporate elites will once again profit heavily at the expense of the many. I ask for those who are smart to go against the grain, be smarter and say no to the corporate bailouts, social programs, and corporate taxes such as these on the masses. President Obama thinks that getting everyone covered with health insurance will help lower the costs of healthcare. I say to you that less insurance will help costs of healthcare by taking the middleman out of the equation and dealing direct with healthcare providers. I ask you to question how his version will lower costs. Adding at risk people to health insurance plans will without a doubt raise your costs, not bring the costs down, as their costs will be “socialized” for you to pay.
In closing, please vote for the good of the United States of America so that this nation does not become the Corporate States of Bernanke and Cronies.