Life Insurance Issue

[ISuckYoungBlood]

Incase many of you didn't know but there is now an issue with life insurance all over America. In New York you start life insurance at 65 if you retire. I think its all throughout America though. But the problem now is this law was made way back in 1930's or so. Back then the life expectancy was somewhere in the late 70's early 80's. In todays world the life expectancy is much higher people know able to live to 80's to 100's. This problem has caused a major issue for the goverment, because now they must pay millions of millions of dollars more because people are living longer. Now the big issue is this, how can they change the law, most people are planned to work till 65 then be set with the life insurance and the money they saved up, if they change the plan people will be struggling because a year to 5 years or something is a huge deal if your not making money, considering most people live on one pay check to another.

Anyone have solutions on a way to make it not effect the people and the help the government regain money?

[yeat182]

Originally posted by ISuckYoungBlood
Incase many of you didn't know but there is now an issue with life insurance all over America. In New York you start life insurance at 65 if you retire. I think its all throughout America though. But the problem now is this law was made way back in 1930's or so. Back then the life expectancy was somewhere in the late 70's early 80's. In todays world the life expectancy is much higher people know able to live to 80's to 100's.

the life expectancy now is in the mid 70's

[yeat182]

Originally posted by ISuckYoungBlood
Incase many of you didn't know but there is now an issue with life insurance all over America. In New York you start life insurance at 65 if you retire. I think its all throughout America though. But the problem now is this law was made way back in 1930's or so. Back then the life expectancy was somewhere in the late 70's early 80's. In todays world the life expectancy is much higher people know able to live to 80's to 100's. This problem has caused a major issue for the goverment, because now they must pay millions of millions of dollars more because people are living longer. Now the big issue is this, how can they change the law, most people are planned to work till 65 then be set with the life insurance and the money they saved up, if they change the plan people will be struggling because a year to 5 years or something is a huge deal if your not making money, considering most people live on one pay check to another.

Anyone have solutions on a way to make it not effect the people and the help the government regain money?


also, don't they only pay life insurance after you die? why would it matter to the government, we don't have national life insurance, we get insurance through private companies. and another thing, YOU make the payments for life insurance and when you die your family or whoever you leave it to gets the money....i think you're way off the topic on this one.

[Charlito Cafe]

Yeah, you actually pay for life insurance while you are alive, so the life insurance companies would be benefiting from a longer life expectancy, they get more cash before they have to pay the family.

This sounds like a mixture of life insurance and social security, which I didn't know existed.