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Politics : Formerly About Advanced Micro Devices

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To: Road Walker who wrote (323920)	1/31/2007 2:26:37 PM
From: TimF	Read Replies (1) of 1578803

re: Your insuring against premature death not death. Maybe with term but not with whole. Whole life combines insurance and investment. It isn't simply insurance. If you bought it like term insurance with the term being your estimated life span (in other words for you anticipated life, but with no investment component) it would be insurance of you dieing before your estimated life span is up. I suppose you could buy insurance that has no investment component for the "term" until I die, but its still really only early death that is being insured against. Your going to die some day. "Insurance" against a certain event isn't really insurance. Your not pooling any risks, and paying out to the unlucky view who face some tragedy. Auto insurance is high if you don't make a claim. Auto insurance isn't excessively high considering your possibility of having to make a claim. Social Security's "premiums" are excessively high considering the possibility that a person of average income, who doesn't get disabled, will not be able to save enough for a reasonably decent retirement. (We're talking about the retirement part of the program, not the disability portion, and yes you would have to assign a portion of your social security payments as "premiums" for the disability insurance, but even after subtracting that portion the "retirement insurance" "premiums" are too high for a future retiree of average income. SS is cheap insurance if you outlive your savings by 15 years. No it isn't cheap insurance under those circumstances (at least for people 40 and under over average income). If they took the money they pay in to SS and invested it non-aggressively they would almost certainly have more money than SS will wind up paying them. And again it isn't insurance at all. It pays out to everyone, not just people who have some relatively unlikely insurable event happen to them.

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