Life Insurance

[Conundrum]

In being involved looking into a program to insure some high risk folks for sky diving, wing suits, and BASE, we found that in the commercial markets, the break even point was the athlete had to die under four years of buying the policy to see any return on the premium. Much longer timeline if all action sports were excluded. That was awhile ago though so might be different now.

So basically, it was put money in a savings account and make good choices for those participating in those activities.

If their sponsors (ironically, the one who gives you wings), wanted to do something at a corporate level for their athletes, we had some better options but the sponsor didn’t want to take on the cost and provide coverage.

[riser4]

Is training for Alaska covered? Asking for a friend.

[old goat]

As I said, my son was applying for disability, not life. If he were disabled in combat he would be entitled to free care and an inadequate pension from the VA--assuming there is a VA in 4 years. And the care would be hit and miss. (Hit and miss--what you get the first time you put a rough board through a planer. The origin of expressions is fascinating.)

[XXX-er]

I had a former IMB typwriter salesman keep bugging me to buy life insurance, I told him I spend all my money on women and booze the rest i just waste and he quit bugging me but they gave us group life at the mother corp as part of the cradle to grave package so I've never had life insurance

[claymond]

Conundrum, why would athletes in that group dying sooner make the insurance company more money? Am I understanding you correctly?

[Conundrum]

I didn’t type it very clearly…basically the annual premium was about 30% of the value of the policy. It wasn’t a good deal for the athletes. Red Bull had enough athletes and money they could have easily done something but according to the athletes, wasn’t something Red Bull was interested in talking about so we tried to find something the flyers could buy.

Old goat, I agree, disability is more important in many cases. I wasn’t commenting on your son. More so that insurance companies don’t look at “extreme” sports kindly. But have you priced an individual disability (not offered through an employer)? Doesn’t make sense for most people.

[old goat]

I got my life and disability at work. I even kept the life after I retired-it was free, until the IRS started to want to call it income and I had to drop it. Could have funded a hell of a wake.

[old goat]

With disability it makes a big difference if it's disabled for any work or disabled for your current work. The latter is a lot more.

[XXX-er]

yeah nobody depends on me so if i dropped dead sitting on a stool at some craft brew my kids would just have a bunch of old gear to deal with and a bunch of money so i am going to try and get rid of some skis and other shit, I have 7 ski setups that willtour and i don't even know if I can tour

[claymond]

I didn’t type it very clearly…basically the annual premium was about 30% of the value of the policy. It wasn’t a good deal for the athletes. Red Bull had enough athletes and money they could have easily done something but according to the athletes, wasn’t something Red Bull was interested in talking about so we tried to find something the flyers could buy.

Old goat, I agree, disability is more important in many cases. I wasn’t commenting on your son. More so that insurance companies don’t look at “extreme” sports kindly. But have you priced an individual disability (not offered through an employer)? Doesn’t make sense for most people.

Gotcha.

The "numbers" of insurance and how risk is coldly and unemotionally evaluated then transformed into dollars is pretty interesting.

[Conundrum]

Own occ vs any occ only matters if you are currently in a highly comped occ. Like a doc.

[old goat]

The only people who buy disability insurance are highly compensated. The rest hope that if they are disabled they can find someone with money to sue.

[Conundrum]

Lifestyle creep is a bitch. The rest don’t hope to sue, they just don’t have the financial knowledge or bandwidth to plan for hardship. Funny thing, high income earners’ hardship is most low income earners’ normal life. If you don’t have to worry about housing, food, and transportation, you can start worrying about other things.

When employers offer disability coverage and properly explain the plan, many employees, low income included, buy it even at their own cost.

But I do think we’ll see more people suing the affluent as the eat the rich movement gains steam.