Is the discrimination worth it as a deterrent? Or is it just to save the instance companies $$$?
Discrimination is the insurance industry's entire business model.
Discrimination as a word doesn't mean a bad thing, it literally just means "to choose between 2 or more of something/someone". As long as there is choice, there is discrimination. If I needed a plumber, and two people wanted the job, I would discriminate against the one without a plumber's license and/or experience. I think that's probably sensible discrimination.
These days discrimination is used to imply some form of social harm, especially towards a marginalised community, and the word "against" frequently follows it. The question really is though: Is an act of discrimination harmful or not, to whom it is harmful, and do the harms outweigh the benefits?
Is the insurance industry's decision to choose prices for people based on their medical situations harmful discrimination? For the customers? Definitely. For the insurance company? Definitely not.
And then the choice really boils down to which of the two you think are more valuable, for whatever it is you value most. People, or insurance companies?
As someone who values less suffering in the world and thinks all people are worthy of dignity, safety and equitable experiences, and huge profits for a private business are not constructive in delivering those values, profit-seeking health and life insurance companies can burn to the ground for all I care. Bankrupting people for things they didn't choose causes far too much suffering in this world.
Stress drives people to suicide in the first place, and insurance companies feed on that to live like social parasites.
andrewta@lemmy.world 1 year ago
A life insurance policy doesn’t have to pay out if you take out the policy AND commit suicide in a short period of time. If it’s after that period of time the policy MUST pay out. That is law. Former life insurance salesman here.
So since it is a relatively short period of time, it’s say it shouldn’t have any real change in suicide rates
pleasemakesense@lemmy.world 1 year ago
Let’s say your mental health issues has been known before you took out the policy, would that affect the payout regardless of time between taking it and the suicide?
SzethFriendOfNimi@lemmy.world 1 year ago
Would they even underwrite the policy?
Kungolicious@lemmy.world 1 year ago
Wouldn’t affect the payout, but it would increase your premium.
Today@lemm.ee 1 year ago
I didn’t realize there was a time limit on the non-payout. That’s good to know. Friend of a friend just took his life and I’ve been worried about the kids. Hopefully they will be taken care of.
Kungolicious@lemmy.world 1 year ago
Typically the limit is 2 years.