Posted on 05/28/2021 12:10:21 PM PDT by E. Pluribus Unum
You would think that during the worst Pandemic since the 1918 Spanish Flu life insurance companies would be hedging their bets to avoid major losses from Covid-19. I haven’t written a life policy for several years so I was wondering what was going on? I called one of the brokers I deal with that interacts with hundreds of big life insurers to get an inside look into how the Covid crisis has changed their business.
Imagine my surprise when she said it was pretty much business as usual! Last year when the hysteria was just getting ramped up she did say the companies temporarily tightened up underwriting and reduced the amount of coverage they would offer. But as time went by and the hard data came rolling in those same companies went back to business as usual.
I asked her specifically if life insurers wanted a Covid test as part of the underwriting process and she said none that she was aware of. Hmm, that’s pretty interesting isn’t it? The most lethal pandemic in decades descends on the globe with deadly mutations taking millions of innocent lives and the life insurance companies couldn’t care less.
I also asked if the cost per thousand of coverage had increased due to Covid and again she said no. Rates were pretty much the same as they were before the Covid Pandemic ravaged the earth. Life Insurance companies are very risk adverse. They don’t like losing money to unnecessary claims. The fact they’re treating Covid as a nonevent should be an indicator that something is very wrong with the whole narrative.
Hmmmmmmm.
The elderly and infirm don’t have a lot of new policies. Their whole life plans were paid for years ago. Their term plans have run out. And many of their funerals have been prepaid.
This whole thing will end up positive for Medicare and Social Security. Half a million people dead—think of how much SS will not be paid now.
Doesn’t seem that strange to me.
When you apply for insurance you have to reveal any pre-existing conditions. So if you know you have Covid, you’d have to reveal that.
But if you don’t know, then you’re odds of dying is 1.6% across all ages. They probably aren’t writing you insurance in your 70’s or 80’s, so you’re odds of dying is less than 1.6%. It’s been a year and only 10% of the nation has gotten covid. Arguably because of the social distancing and masks and work from home.
So the odds of a new customer dying from covid is <1.6% * 10% = 0.16%. 99.84% of the time, the insurance company will be able to collect the premium and not have a payout for years or decades.
EVERYTHING about this doesn’t make sense.
Unless you look at it as part of an unbroken sequence. Russia Russia Russia - Ukraine Ukraine Ukraine - Impeachment - Impeachment Fails - Scary Disease Enabling Masked Activists to Own the Streets - Lockdown Allowing For Mail-In Voting - Blatantly Obvious Election Steal - Impeachment Just Because.
Then it kinda comes into focus a little better.
Many of that half-million dead would have been dead by now even without the CCP virus; they were on their last legs ... no net effect on Medicare and SS.
3,500,000 global CCP virus deaths out of a population of 7,900,000,000 = 0.05%, and the average age was 80.
The overwhelming number of the people who died were obese and old and had one foot in the grave and the other on a banana peel.
Many of us realized all that many months ago; congratulations on summarizing it so well.
I work in life insurance, and I am not certain the info you received is correct as to insurance companies and underwriting.
As for rates, the rates cannot be changed until mortality tables change, which happens very infrequently. And, as for United States experience, it may be that the mortality experience was within the margins of error for expected mortality.
I do know that the insurance companies we work with were adding special forms and/or requiring additional affidavits as a part of the underwriting process, so that a person’s Covid infection could be used to deny claims as fraud or material misrepresentation, should the proposed insured be trying to obtain insurance WHILE having Covid 19.
Just my experience and observations....
A slight aside but I heard a climatologist explain that if people really believed the oceans were going to rise due to climate change they wouldn’t be building more and more condos in Miami and Palm Beach. And couldn’t insure them if they did.
Some people (Big Pharma) make more money when they say “existential crisis” even when there is no existential crisis.
Other people (Insurance firms) lose money when an actual existential crisis does occur. They don’t seem to be too worried by this thing.
Follow the money.
Thanks. I’ve kind of been keeping score.
Maybe it all balanced out. Maybe the fact that in 2020 influenza and pneumonia deaths all but disappeared made up for all the Covid19 deaths.
There is data that suggests the real infection number is twice the official number. I guess lots of mild cases or asymptomatic cases where the people didn’t even bother or have reason to get tested. This data comes from the Red Cross which tests blood donors for antibodies and they found 20% of unvaccinated donors had antibodies.
So if the official infection rate is double, that means the overall fatality rate is half.
We threw most common sense out the window long ago. Protect the vulnerable. Isolate the sick. Same as we humans have been doing for 100s if not 1000s of years.
Verrrry interesting.
further proof...
Shhh. You’re supposed to be injecting rat poison “vaccines” into your system and closing down small businesses Nationwide.
All these facts about the Great Scamdemic are racist!!! Fauci said we have to inject poison into our bodies to “stop COVID,” so it must be true.
Silly person!
https://www.macrotrends.net/countries/USA/united-states/death-rate
“The elderly and infirm don’t have a lot of new policies. “
Yes, most have small face amount policies, “Burial plans” as they call them. $5000 face amounts.
I am in the insurance business but not life but the agents I know who sell life have had a record year.
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