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Unlike Obamacare’s fines, er, taxes, er penalties, there is no penalty for not having life insurance while you’re alive and if you believe that once the lights go out you’re done, there’s no reason to worry about after your death. The risk right now is that the family you left behind or the business partner you left behind will be egregiously damaged financially and may lose all you worked for while you were alive. They may not speak well of you and your lack of planning

So, why not ObamaLife insurance? If you don’t buy life insurance you pay a fine or penalty or tax, well, you pay for not having it. And if the president was half as clever as he claims to be he could make this government mandated life insurance a boon for the government by mandating that the government be a partial beneficiary of the policy, irrevocable of course. This wouldn’t be  a tax on life insurance if they spun it just right. It could be the ObamaLife Patriot Plan whereby we could all prove our patriotism to our less than fiscally responsible leaders by helping pay down the debt with life insurance proceeds.

Think about this! In 2011 there were about 2,468,435 deaths in the US. If each person had been signed into the ObamaLife Patriot Plan and half of their $100,000 policy had gone to the government, that would have generated $123.4 billion income to the government. Not enough. While the average fiscally responsible country (assuming there are two so there could be an average) would probably be able to change the lives of their people with $123 billion, unfortunately the US can pee away that much money on a good day without accomplishing anything. I know! We can make the top 1% give all of their Patriot benefit to the government. Dang! That only raises another $1.5 billion. Still pee money.

Well, just to show that I could run for office if I wanted I know how to do this and pay off the national debt in 10 years. ObamaLife just needs to require everyone to carry $1 million in insurance instead of $100,000. Then it would generate an additional $1.3 trillion and we are finally into some serious US government change. But wait. As with Obamacare, ObamaLife PP can’t expect those who can’t afford it to buy it so that means at least half of the premiums will be paid by the government. So let’s round it up to $2mm each. I’ve got a call into Michelle Bachman to see if she will sponsor this bit of brilliance.

Unlike the president I am going to go ahead and admit my plan is doomed. Not because it wouldn’t have good results. Just think if every family in the country was protected from financial disaster by life insurance. Bankruptcies would plunge. Welfare could be erased as natural deaths led to better family financial health. With the kind of money that would be flowing in we could even afford for every family that suddenly had $1 mm could receive expert counseling and education in how to make it into a building block and not a binge. Darn. Created more spending.

If you have any questions about real life insurance questions or challenges, or if you’ve been declined for life insurance and need help turning that around, call or email me directly. My name is Ed Hinerman. Let’s talk.