Maybe the insurance industry
should be regulated by the Gaming Commission instead of the Insurance
Commissioner? Not only are we expected to bet against ourselves, but they can
do whatever they want with our money. Yes, there are guidelines and
regulations. But we all know that with the kind of money muscles these
corporate giants flex in the face of politicians, Congress just dribbles all
over itself to give them whatever they ask for and couch their action in the
words 'public safety'.
Most people understand the need
for basic home, medical and auto insurance. But you can't get away from the
potpourri of insurance schemes. There is an insurance proffering for every
conceivable occasion. It won’t be long before insurance against family
lawsuits resulting from a bad holiday turkey or an undiscovered Easter egg will
be offered.
It's good to know that although
there's an insurance plan for every circumstance, there may not be a policy
available for you. If you have had any rehabilitation treatment, for instance,
you must wait ten years before a new insurance company will allow you to buy a
policy. Any 'pre-existing condition' penalizes you and there is a waiting
period before full coverage will be granted. The question then becomes, whom
are they insuring your or themselves?
This much is certain; no other
industry can boast quite as much chutzpah as insurance. These wallet vultures
really do want a portion of every dollar earned. I am waiting for business
insurance for cookie sales, destruction insurance for the parents of toddlers,
and art insurance for the priceless drawings found taped to the refrigerator
doors. Is this how we want to spend our money?
We have allowed insurance
companies to worm, threaten, cajole, buy, befriend and lie their way into every
nook and cranny of our lives. They have persuaded lenders not to make home
loans without insurance. They finally bought enough political influence to have
auto insurance be mandatory. Have you wondered why? If you answered
‘follow the money’, you're right.
These companies are so huge that
they can hold medical, legal and construction businesses, mortgage companies
and even the state hostage. Professionals all need to be protected by Errors
and Omission Insurance. Retailers all have some sort of liability insurance.
There is theft, mistake, and rot protection. Virtually no stone is left
unturned. How did we let this fate befall us? Whatever happened to normal
risks? We were sucked in under the guise of being safe, and we bought
it.
How often are minor accidents
not reported because the rates would go up? Or insurance was not used because
the deductible was higher than the repair bill. This is not unique to car
insurance; it applies to all types of services and products unlucky enough to
be in need. I believe that this is the insurance company way of maximizing
damage control and it has little, if anything to do with you or your needs. The
motto goes like this: ‘The higher the risk, the greater the cost and the
more slithering, squirming and wriggling by the insurance company to get out of
paying the loss.’
It helps to remember that
insurance companies develop some of the biggest real estate projects in the
most expensive locations in the world. Many of them are playing investment and
mortgage games, offering life insurance as Mutual Funds, and creating extremely
expensive home loans.
The key to buying insurance is
the prudent, practical balance test. Buy insurance with major trauma in mind.
Insure yourself against long term, debilitating diseases or catastrophic
events. You'll save money and the insurance industry can get back to providing
what it was designed to furnish, a protective umbrella against catastrophic
disasters.
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