“Samir wrote:Wall Street Pursues Profit in Bundles of Life Insurance
Not sure if this has been mentioned here yet, but apparently Wall Street is not done with their odd financial instruments. So clearly we have not learned the lessons that the previous generations learned. That is assuming investors are actually biting on these things”.
I’m growing weary of the monetization of death, not to mention its securitization.
Any beneficiary of a Credit Default Swap that doesn’t own the bonds that are insured has a vested interest in the death (bankruptcy) of the entity that issued the bonds. The sooner the better.
Any beneficiary of a Life Insurance Policy that is not related by blood or business to the insured has a vested interest in the death of that person. The sooner the better.
The worst example for me of the monetization of death is here http://www.bodyworlds.com/en.html
I apologize for the graphic nature of the pictures. People are skinned, shellacked and schlocked for all paying guests to see under the guise of anatomical education. Funeral Directors should have stood up long ago and challenged the various nationwide “anatomical boards” to call it what it is, desecration of the body, which I believe is illegal in all the states. If that isn’t desecration of the body, then I don’t know what is.
How about the financial reasoning behind abortion, and now by logical extension end of life “care” discussions. How can a people who insist it’s permissible to kill fetuses because they are not self sufficient contributing humans yet, then be alarmed when the same coldly logical rational reasoning leads inexorably to the conclusion that they too can be killed when they are not self sufficient contributing humans anymore?
Only coldly logical rational thought can override the conscience to the degree necessary to alter insurance products into abominations of profit, or life itself into a societal loss/benefit decision. Keep in mind that insurance companies know within definable percentages that most purchasers of insurance will not die during the coverage period, and when they do die the coverage will probably have lapsed. Without this carefully accumulated actuarial knowledge, they would all be broke within a generation. Now, with viatical SIV’s paying the premiums for sold policies, you can be assured that they will not have lapsed at the time of death, and so the actuaries numbers are wrong big time, which at a minimum will cause increased premium costs for all going forward, and most likely balance sheet distress for the insurance companies.
Lastly, I am deeply concerned about the estate tax going to zero during 2010, then jumping back up. If the financial carnage continues, how many older folks may decide that 2010 is the year to pack it in so their loved ones or beneficiaries will have the benefit of no taxation of whatever they can salvage? Be sure to keep in contact with those you love and care for, and let them know they have a value to you and society way beyond their net worth (or net cost), no matter what the “experts” have to say.