Cancer survivors want the right to be forgotten when it comes to mortgages and life insurance

[Fortune]

The longevity risk was pooled across the entire population of annuity-holders.

And now that there's a choice, the insurers deduce that a person opting for an annuity is likely to consider themselves healthy enough to live to get value for money from it.

 

[Purple]

Cancer survivors don’t get an “all clear”. They get a “no evidence of disease”. I’m not sure when insurance companies are meant to start counting from.
As I said above, I think insurance companies should be allowed to factor in all risk. In my case I’ve a 100% loading because I had a minor brain haemorrhage about 10 years ago and my other half has cancer. I don’t see why other people should have to subsidies us because of that. I’m also glad that they adjust for smoking. It’s just a pity that they don’t adjust for obesity and other lifestyle diseases.

 

[ClubMan]

obesity and other lifestyle diseases.

Obesity isn't always a "lifestyle" disease.

 

[Corola]

It’s just a pity that they don’t adjust for obesity

They do. BMI is a rating factor in life insurance. You provide your height and weight when you apply.

 

[Sister Sara]

I don’t see why other people should have to subsidies us because of that.

Hi Purple,

Isn't that what insurance is effectively? Because none of us know for certain when, or if, we may ever need to avail of the financial protection that insurance policies provide, the premium is effectively a collaborative subsidy paid by policy holders.

There are elements of higher risk factors and they may increase the premium for certain matters, but those risks may never materialise with the higher risk policy holder and in fact may instead emerge with the lower risk policy holder.

 

[ClubMan]

Isn't that what insurance is effectively?

Social insurance, yes - e.g. PRSI. Individual insurance based on actuarial risk factors, no. Except whether socialism is enforced by the likes of community rating on health insurance for example.