life insurance
I got a letter from my credit union saying that I can receive $2,000 in accidental death or dismemberment insurance from CUNA Mutual completely free. It looks like it's really no strings attached; they're just hoping I'll sign up for the additional benefits they offer at grossly unfavorable rates. Limitations: no benefits are paid in the case of "suicide or attempted suicide while sane or insane" (except in Vermont, where only sane suicides are excluded), for accidents that occurred while under the influence of illegal drugs or legal drugs used improperly (except in Vermont, where the drug has to be illegal), and injuries sustained while committing an assault or felony crime (except in Vermont, where misdemeanor assault is okay).
(note to self: check out job openings in Vermont.)
However, I have to respond by mail. That means there's a one-time cost of $.44 for $2,000 of coverage lasting as long as I have my credit union account. So, is there at least a .022% chance that I'll die by accident over, say, the next five years? The five-year all-cause mortality rate for 30 year old White men is ~.6% , which higher than I'd have guessed. But if we look at accidents alone (ICD-10 codes V01-Y86, except for X60-84, which are suicides), the death rate is ~.04% per year, or ~.18% per 5 years (that's by age, regardless of race and sex). So ultimately, my estate's expected profits from signing up for the benefits would be ((2000*.0018)-.44), or $3.16. Even if I only kept the benefits for one year, my beneficiary could expect to net 36 cents. Ka-ching!
That was kind of a waste of time.
(note to self: check out job openings in Vermont.)
However, I have to respond by mail. That means there's a one-time cost of $.44 for $2,000 of coverage lasting as long as I have my credit union account. So, is there at least a .022% chance that I'll die by accident over, say, the next five years? The five-year all-cause mortality rate for 30 year old White men is ~.6% , which higher than I'd have guessed. But if we look at accidents alone (ICD-10 codes V01-Y86, except for X60-84, which are suicides), the death rate is ~.04% per year, or ~.18% per 5 years (that's by age, regardless of race and sex). So ultimately, my estate's expected profits from signing up for the benefits would be ((2000*.0018)-.44), or $3.16. Even if I only kept the benefits for one year, my beneficiary could expect to net 36 cents. Ka-ching!
That was kind of a waste of time.