Insurance: Gambling or not?

OK, for now I want to get something off my chest about insurance. This may not be the best time since some people are trying to rebuild their savings and investments. But insurance should have a place in there somewhere. Some insurance is good, depending on the coverage, rate, and usage. One type that hits home with me is Long term Care. As a CLTC, Certified Long term Care specialist I have a better understanding than most. Also having been my father’s caregiver, I had an aditional hands on point of view. Many do not know the benefits of LTC and some feel it is too expensive. Right now I just want to give everyone my overview of insurance and a better way to look at it. Insurance can be a great investment tool if used properly.
Insurance needs to be looked at as gambling, because in a way it is. You are betting on a certain incident from either not happening or happening at a certain point that will be inevitable. In gambling, you are betting on an outcome and the best possible odds to maximize profit and hope you hit it big. But it may not happen so fast, it may take time or it can happen immediately, but those are the odds you play. You play in hopes of hitting it big and it all depends on how much you gamble. Same goes for insurance. You put down your small wager every month in the hopes you do not have to use it. You are betting the insurance company every month you pay them that a certain incident will not happen. Depending on the insurance, you may not want to get a pay out. Think about it, take a step back. You pay your car insurance with the hopes you do not get into an accident. The car company does not hope, but in a way they want you to to get you to pay higher premiums. People get paid when something happens, agents get paid either way. Agents take their piece and the insurance companies are the casino, taking the bets in hopes of not paying out. Come on, even in black jack you can buy insurance!
OK, here is another way to look at it. I will use life insurance as an example. A customer looking at life insurance should look at it the way a gambler looks at a bet. A true gambler takes all information and perspectives into his decision. He is calculating the odds for HIS best possible outcome. Taking nothing else into consideration to maximize his potential for the best possible payout. A real gambler looks at everything to make his decision. If a gambler did not look at all the angles of a situation, his odds are obviously less and may not even win. Even with the highest odds a gambler knows the risk and might take it, no matter how much of a wager is to be put down. You have to know every angle and every wager you can put down. High risk may mean high payout, but at what cost. Sometimes, a low risk low wager bet can be a great payout, but only with patience.
lIfe insurance is the same way. A young, healthy individual has better odds of getting lower premiums than a man 40 years older, who is a smoker, with heart issues. If one of them purchased life insurance right now, who would you bet on to go first? That is how insurance companies view new policy holders. They are just the bookie looking at taking your bet. But there are some bets they will not take. They will not take a bet they know is a fast payout. Insurance companies only take the best where they are sure to lower the odds and either break even or pay out as least as possible.
So if you are a younger person in their 30′s, no health issues, and a non smoker, the odds of you living a long life are great so your premiums will be lower than someone 10 years older, a smoker, and hs health issues. You will even have lower rates than a non smoker your age. Insurance comapnies will take the sure bet with someone healthy and young. They know over time they will make a profit or break even if you stay healthy and die late in life. They are always willing to take that bet because the odds are high you will live long and pay your premiums. so that young person carries small odds there will be a fast payout. If a 63 year old smoker, with health issues and medications applies for life insurance their premiums will be high. The odds of you dying sooner are greater so the odds are higher and the insurance company may not want to take that bet. The premiums paid will be less than the face value that is paid out. The insurance company will lose the bet and the family will make a profit. Premiums paid will not equal the face value so the beneficiaries will stand to gain and the odds are in their favor. The older you are, the higher the odds are an insurance company will not take your bet.
All you and the insurance company is doing is hedging a bet. I am a healthy 34 year old non smoker only on one cholesterol medication. I know my rates will be low and I am betting the insurance company I will live a long time. They know I will based on the information provided and tests. So they tell me how much I need to pay a month to take the bet. I pay them in hopes that at somepoint the bet will payout. For me the odds are great they will take the bet and for them the odds or low there will be a fast payout. Someone 75 looking, the insurance company will not take that bet. They know they will payout before they take in a great deal from that person so the odds for the comapny are low they will make out. All life insurance is is hedging a bet against your life. The better your health and lower your age, the better your odds. In bad shape and getting older, your odds decrease and so does the potential of any company taking the bet.
A little later I will write the same thing about Long term Care. Long term Care is about the same thing, but you are covering more in hope to get a payout while alive. LTC is just portfolio insurance. More details to come. I may have rambled a little, but it was the only way to get this point out. If you like anything I write here, let me know about it.

Basck to Basics

Here I have sat, where most of the TV time has been spent on the Brett Favre affair. Now I have not been here all day,I was out and about on this hot and humid day. Just when the TV has been on, it has been on sports. From hearing Brett was on a plane from Hattiesburg, MS to Vikings training camp to seeing him jog out onto the field in his number 4 practice jersey. He will be starting for the Vikings this Friday night against the chiefs. As a Jets fan I have already gotten over the love affair. For other fans of Favre and Vikings fans I wish you the best with the drama he totes around in those bags on his shoulders. Jets fans have enough drama at QB this year anyway.
The Brett Favre signing has been a nice distraction today. From everything else that has been going on over the past week. From working the phones and pulling my hair out to a clear head and a sure sign that things to come are only going to get better. I wrote before about going back to when I thought i had things figured out. Well, now I am sure I do. Had to look at myself from the other side of the mirror, take a good judgmental look at myself. Done being behind a desk for now. It was wearing on me. I was getting fried doin g the same thing day in and day out. Not just the past few months, but over the years.
For the longest time I was just never prepared. Never really got a grip on the future or gave it much thought. Never planned ahead, not even for a career. Never set a base to grow on and learn from. I have a better idea now of things so that is why I need to begin anew. I will elaborate more later.
Will have the new website up and running very soon. I am going to go into pull details there. Did not want to begin something big when I will have to continue it elsewhere. But tomorrow I will touch base on a few things. I thought I had it all together, when I set a path that it would all be found along the way. Man, I was so mistaken. I should have stopped and asked for directions long ago. Or consulted those that would give me an honest answer. I should have done things for myself and not think others would do things for me years ago. I got used to that kind of thing and let it keep going.
OK, I said I would not go on and I am, lol. I really did get a good look at myself over the past few months and realized a lot of things. Man my head has had a lot of clutter thrown out. But there are still things up there so do not think about any empty head jokes. Knowing who you and and what you do makes it easier to lead a better and fruitful life. I have just begun to realize both of those things.

I Had To Go Back

Well, I sit here, relaxing on the couch in front of what is left of David Hasselhoff.  Do not get me wrong, I love the show. Some good talent on America’s Got Talent.  Just “The Hoff” thinks young but is getting a lil old.  We are not in Germany.  Was on vacation last week, got away for a week.  The second stop of the tour was Long Beach Island.  Great weather in LBI as most of the state got soaked on.  Got to love it.  Went bike riding every day.  Did about 30 miles over two days, not too bad if I must say so.  Videos and pictures to come soon.  Beach was great, waves were very choppy though.  But soooo glad our motel was right across the street.  Just a walk across the street into the pool for a bit so it worked out well.

Since I started this I do not think I have really told the main reason why I did this.  I am at a point in my life where it is time to do what I have always wanted to do, all the way back to being a kid.  For all I can remember I have felt comfortable either in front of a camera or behind it.  I also have enjoyed writing going back to grade school.  I always wrote small things but never really showed anyone.  The first moment I really did, my teacher Mr. Elias made me show him.  He then had me read it to the class & the class was silent.  What can you say, it was only 8th grade.  My writing, along  with others from 6-8th grade were picked for a school collection.  Mine was chosen best overall.  Since then in classes I got high grades on creative writing.

For some reason, I enjoy the creativity and storytelling aspect of both sides of it.  I took a basic TV production class my freshman year of high school and loved it.  The AV department had a VHS on the shoulder video camera (circa 1988) that was allowed to be signed out.  I must have signed it out over 100 times during high school.  Also, since my vision problem sidelined me with wrestling, I shot the video of the teams matches.  I shot all matches my Junior and Senior year.  I also did small films for extra credit in a bunch of classes.  I also took it out for non school uses.  Come on, wouldn’t you?

But even doing all that never stuck in my head as something to do.  For some reason, I did not see myself going in a creative direction.  I mean I wanted to get into Marketing but I was naive I just was not prepared for what I really wanted to do with life.  In college I stuck with Marketing.  I did do some college radio on William Paterson University’s (then college) campus radio WCRN.  The one not on FM radio.  I enjoyed doing it too.  I also got involved with some students small films both behind the camera and as talent.  It was staring me in the face the whole time and I never saw it.  In wrestling I eventually went behind the scenes and as much as I hate to say it like this, I wrote the angles and behind the scenes stuff.  I am a wrestling purist and just hate to say things even though people already know them.    It took me to age 33 to realize what I should have done.

So the documentary and other things have brought me to this point with LBProd.  As a tribute to my grandparent’s bakery they had in Belmar, NJ, Levy’s Bakery.  I know, no duh!  I will be writing more about my backstory later.   I just felt the need to get that out.  After all this time I know a career path for me that makes sense.  But as towhat part and in what direction, there lies the fun part.  Finding my place in where I want to be.  I will be 35 in October and realize the road less traveled is the one I need to choose.  But for now, telemarketing to pay the bills will have to do.  In this economy, finding a job is like finding a needle in a stack of needles.  Be back soon.