After ObamaCare, Is ObamaVida Life Insurance Next?
As we enter a New Year enjoying the ever-mounting success of ObamaCare, it's time we anticipate another federal sortie into the nation's insurance market: life insurance.
Just as former House Democrat Speaker Nancy Pelosi predicted back in June, 2013, "The implementation of this [ObamaCare] is fabulous." It's causing Americans to desire a suite of federal programs controlling all aspects of the nation's insurance business. ObamaCar Insurance. ObamaHaus Insurance. So why not ObamaVida Life Insurance?
Calling this inevitable federal program "ObamaLife Insurance" would, of course, be more descriptive for the unilingualistic, Duck-like rubes who populate fly-over country. But, by adding "Vida," Democrats can convey an important multi-cultural aspect that's simpatico with the inclusive design of every progressive social initiative.
Furthermore, the multi-cultural aspect is particularly important in light of the upcoming 2014 midterm elections where Hispanic voters may play a leading role in the outcome.
Before profiling ObamaVida, let's address the boo-birds who will say: (1) Governor Romney enacted the model for ObamaCare in Massachusetts, but where's the model for ObamaVida? And, (2) won't the nation need a rest after the thrill of enacting ObamaCare?
The short answers are: (1) Good news! - there already is a significant national model for ObamaVida Life Insurance; and (2) the progressive Democrat Socialist Party, flush from the fabulous success of ObamaCare, won't hesitate to push another "Big f_____ deal" - to use the prophetically descriptive language of Vice President Joe Biden.
The national model for ObamaVida exists today in India where "the largest life-insurance company in India, Life Insurance Corporation of India (LIC), is still owned by the government and carries a sovereign guarantee for all insurance policies issued by it." There it is. The model.
In 1956, India's Life Insurance Corporation Act, merged about 250 companies into the LIC. There's been a move to deregulate and re-privatize the life insurance industry in India since the late 1990's, but in 2010-2011, LIC still collected just short of 70% of all premiums paid.
The LIC slogan is "Your welfare is our responsibility." It's big business in India.
But life insurance in America is not big business; it's huge business. In 2008, individual life insurance in force (total amount that insurance companies would pay if all policyholders died tomorrow, plus dividends to whole life policyholders) in America totaled about $10.25 trillion. In 2011, individual, credit and group insurance policies in force added up to nearly $18.50 trillion.
The life insurance business is a federal government revenue source primed to be mined by Washington D.C.'s central planners to the advantage of millions of policy holders being gouged today by the big, greedy insurance companies.
It's not fair that more affluent persons are able, upon their demise, to will death benefits to their heirs while those less fortunate are unable to purchase life insurance and, consequently, leave their surviving family members with only a Social Security death benefit that barely covers the cost of a funeral guest book.
Also, the progressives' American tripartite entitlement motto of life, liberty, and happiness implicitly guarantees all Americans the explicit happiness of receiving survivors' benefits upon the termination of their benefactor's life.
The fairest assurance of happiness requires insurance benefits that are universally shared among all Americans - both documented and undocumented.
But that can't happen overnight. The first step toward single-payer life insurance is an ObamaVida Life Insurance program that requires all Americans to buy a life insurance policy that is approved by Washington, D.C.
Those unable to afford a minimum $100,000 whole life policy will qualify for a government subsidy.
Insurance companies will be required to invest a double-digit percentage of collected premiums in Green Energy companies and Treasuries.
The beneficiary of a deceased elderly person who chooses to take a pill rather than have major surgery -- like inserting a pacemaker -- will received a fringe benefit in the form of a five percent bump-up in their beneficiary check (AKA: Platinum Death Benefit, or PDB).
Death benefits will be taxed on an aggressive, progressive scale that increases with the size of the payout. Of course, those receiving a government subsidized ObamaVida policy will get tax-free beneficiary checks. This is not a re-distribution scheme; it's merely a fairer distribution of death benefits to those most in need. It's a case of from each according to his ability to pay the premiums, to each according to their need for a survivor's benefit. It's the New American Way.
The authorizing legislation, The Affordable Life Insurance Act (ALIC), will be drafted by the same brilliant team that did yeopersons' work on the Affordable Healthcare Act. Consequently, many of the hidden benefits of ObamaVida won't be known until it passes. Or, maybe not even until it begins to be implemented -- like a Russian Matryoshla doll that starts as a handsome prince, or princess, and finally, after multiple openings, ends up a gargoyle.
Within ALIC, we can expect a modest Subterranean Environmental Impact Tax (SEIT) on the sales of all non-biodegradable coffins.
And, the beneficiaries of those who donated their bodies to science will receive a one-time, four percent tax reduction on their earned income.
In the House debate on the bill, in the context of a plea for bipartisan support for ObamaVida, Rep. Alan Grayson (D. Fla.) will likely say that, "If you die, America, the Republican life insurance plan is this: Your survivors get your corpse. Period."
An ObamaVida unsolicited testimonial from former Secretary of State and retired Army General Colin Powell will suggest that ObamaVida will eventually lead to a more desirable single-payer life insurance system. In a statement similar to one he made about ObamaCare, Powell will say, "I am not an expert in life insurance, or ObamaVida, or the Affordable Life Insurance Act (ALIA), or however you choose to describe it, but I do know this: I have been covered by that kind of government life insurance all my 55 years of public life."
ObamaVida may require some of the innovative, targeted promotional efforts used to advance ObamaCare during its rollout. For example, to promote registration in ObamaCare, the "DC Health Link" used a tactic that was described in late December 2013 thusly: "Washington's [D.C.] new health insurance exchange dispatched a sign-up envoy to one of the city's gay clubs one recent night to get out the word about ObamaCare. It envisioned men mingling on the dance floor, a cocktail in one hand and enrollment information in the other." Imagine that.
Correspondingly, the DC Death Link may dispatch sign-up envoys to funerals, wakes, and undertaker conventions "to get out the word about" ObamaVida.
The report cited above states that "President Barack Obama even urged bartenders -- who may themselves be uninsured -- to hold happy hours to talk about health insurance and what it can offer young adults." How about happy hours to talk about life insurance?
The President may find it advantageous to urge funeral directors across America to counsel grieving families to enroll in ObamaVida -- particularly in cases where families face formidable, out-of-pocket funeral expenses. "You don't want to leave your loved ones penniless, too, do you? So sign up for ObamaVida, and do it today."
In order to promote the concept of the Platinum Death Benefit, sign-up envoys could visit Senior Citizen Centers, bingo parlors, and cafeterias during early bird dinner hours to hand out pain pills to seasoned citizens contemplating surgery to alleviate a chronic discomfort that could otherwise result in an expensive medical procedure. "Skip the knife - take the pill."
These are just a few of the creative ways the Obama administration can promote ObamaVida, along with this motto modeled after India's Life Insurance Company: "Your death is our responsibility."