Thursday, September 18, 2008

Life Insurance from my Alma Mater

Yet another mailing from the university I attended years ago arrived. It’s life insurance this time. In a burst of optimism, I think, maybe this will be a good deal because my alma mater will have trimmed the rates down as low as possible. I’ll get the benefits of a low cost group plan, and maybe university grads have slightly lower mortality rates.

I decide to take a look. The first thing I see is a big picture of a smiling young woman. This is not a good sign. Advertisers know that men get looser with their money when they see smiling attractive women. I skip all the other mumbo jumbo and get right to the numbers. I’m a male non-smoker. I look up my age and desired coverage amount and find that the cost with the discount available to me is $67.50 per month.

Is this good? I’m not sure. I could hunt through some paper files, but Google is right here at my fingertips. It took less than a minute online to get 12 quotes from the major insurers in Canada ranging from $46.40 to $60.73 per month.

Hmm. That’s 10% to over 30% better than the quote from my former university. Maybe the fine print is different. No, they’re all 10-year renewable and convertible. What gives?

Obviously, I knew that the university was getting a slice of the insurance premiums. But, I’d hoped that they had negotiated a great deal and had split the difference with me. Instead, they’re trying to gouge me and split the proceeds with the insurance company.

I guess my alma mater doesn’t love me as much as I’d hoped. Oh well, at least my wife, kids, and my neighbour’s dog still care about me.

1 comment:

  1. You are too good to buy insurance just because there was a "smoking hot babe" on the brochure? Next thing you'll say is you don't use AXXE because you don't believe chicks will jump on you if you use it?!?

    You are far too analytical, you must be a Dance major.