If “Universal Health Care” is so good, should we also have “Universal Life Insurance”?
November 7th, 2010
Question by eagle: If “Universal Health Care” is so good, should we also have “Universal Life Insurance”?
Best answer:
Answer by prusa1237
Cradle to grave nurturing with the loving hands of Uncle Sammy.
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We would have whatever the individual can pay for. No country yet has been able to successfully implement socialized medicine. Even the best have long lines, and poor service. Case in point, you still see Canadians coming to the USA because they cannot wait around for treatment at home. Likewise, life insurance should be wholly funded by the individual. Research the term “insurable interest” and see why.
Life Insurance is increasingly becoming subject to health tests and in the future genetic predisposition may come in to play and the same is true of private health insurance.
Quote by Professor Willem Buiter – Professor of European Political Economy, London School of Economics and Political Science.
http://blogs.ft.com/maverecon/2009/07/the-inevitable-socialisation-of-health-care-financing/
Quote -
“The rise of genomics – the branch of genetics that studies organisms in terms of their full DNA sequences or genomes – will in the not too distant future kill off most private health insurance. That’s probably a good thing, for two reasons. First, because of asymmetric information, when there is risk and uncertainty about a person’s future health, health insurance markets are badly affected by adverse selection and moral hazard. Second, because the private health insurance industry is a monument to inefficiency everywhere and, especially in the US, a rent-seeking Leviathan whose ruthless lobbying efforts corrupt all it touches.”