Oddbean

Good morning, #nostriches! I have an important question: Are there any BTC only (preferably) or BTC backed life insurance companies floating around yet? I ask because I'm past the age where I should have at least a small life insurance policy so that if I suddenly kick the bucket no one else is left holding the bag. The thought occurred to me as I was waking up (yes, I know that's odd) that a policy that paid out in BTC would be much more beneficial than one that paid out a fixed amount of fiat. Has anyone else thought about this? #gm #plebchain #grownostr #goodmorning #asknostr #lifeinsurance #beingresponsible #insurance #fiatsucks #btc #bitcoin #bitcoinonly

There's a market here for anyone with the capital to get it off the ground. Although I'm sure the government and financial industry put a million legal and regulatory barriers in the way to stop plebs from insuring each other.

There are a few ways to get around most of those kinds of issues, though, "we" don't need "permission" to do this. IDGAF about legality anymore. Any thinking person won't, either, at least if one has a strong enough moral compass and doesn't have too much to loose. But even that is a weak minded way to think about things and while I don't want to end up in loosing battle with the state in general, it's still worth fighting.

Thought experiment: what would you charge for a policy that pays out 1 btc to my wife upon my death? A lump some while I'm young? Some amount of sats monthly until I die? How many people would need to participate in the fund to keep it solvent?

I'm not an actuary. I never want to be. However, there are some people that are very good at figuring out those kinds of things, and since insurance companies still turn profits in this inflationary monetary climate, I'm sure someone with enough capacity of mind can figure out that BTC and it's deflationary pressure on fiat could potentially yield greater profits while not screwing people over. There are different types of fiat insurance policies for different situations, and I would think that could and should be the case for a policy backed by BTC. There are enough BTC maxis that could benefit from this as long as the policy holder and company can come to an agreement as to how to get paid and when. It's complex, but, it can, and I think should, be done.

Yes, that's very true. It's easier in a way since, well, if you're not an idiot, the state doesn't get involved. Why would it not? If you have enough scale of adoption, I think it could work, at least as long as not all your policy holders die off at once.

Yes there is one that does a whole life policy with premiums and benefits payed in bitcoin. I heard about them on one of the popular bitcoin podcasts in the last 6 months. I’m pretty sure it was the SLP. They are based in the Caribbean I think.

I like the idea. I'm sure that if it were to happen it would be a USD to BTC equivalent. So instead of a flat rate of x btc, it would be a rate of x usd then converted to btc. I guess you could do that now with a will and a executor of estate. Will that your policy pay out must be used to purchase btc and then distributed to your dependents. It will hopefully make your dependents more likely to save it, rather than blow through it. It's worth looking into.