Yesterday, I applied for life insurance. Now I have a daughter, this has become rather necessary. As is normal with these traditionally complicated and intimidating things, I had to do it in Japanese. (At some point, I will have to make a will in Japanese as well. The main reason that hasn’t happened yet is that I have no idea what I have to do, and I know it will take me some time to find out. Given that I do know that the basic rules will give everything to Yuriko and Mayuki, it’s not yet urgent. Anyway, back to the other death topic.)
Some bits of the form were partcularly odd. For example, one of the declarations I had to make was that I was neither a US citizen, nor possessed of the right of permanent residence in the US. Not sure why it’s impossible for this company to insure the lives of USAnians.
Another really odd bit was the box to authorise people other than the insured person to claim the insurance money. This is for use when, due to exceptional circumstances, the insured person is unable to make the claim himself.
This is life insurance. If I can make the claim, they are unlikely to pay out.
So, anyway, I filled that in, figuring that it was probably the result of some not-as-well-thought-out-as-it-might-be regulation. I really don’t want a legal technicality to get in the way of any applications.
Life insurance is an odd product. After considering the full range, I’ve gone for one that doesn’t pay money back while I’m alive, because I can’t afford enough cover if I go for one that does pay back. Thus, I am paying out lots of money from which I will never see any benefit. I will never even get to see anyone else benefitting from it. And, of course, I really, really hope that all the money I’m paying out will simply disappear and be completely wasted. And yet I still think I’m doing the right thing.
Yes, definitely a very odd product.
The one I’ve gone for is a bit different to the standard. Instead of paying out a lump sum on death, it pays out a monthly sum for the rest of the term of the insurance (up to my 60th birthday), or five years, whichever is longer. This means that the payout drops as time goes on, but then so should the amount of money necessary. By 2031 Mayuki will be 24, which is old enough to become independent.
The main benefit of this is that I can actually afford to take out enough insurance to cover Yuriko and Mayuki’s needs. On the lump sum plans, I can’t afford the premiums.
Anyway, as long as they accept my application, that’s now done, and the money will just go out every month, so I don’t need to worry about it. I can concentrate on trying to make sure that it’s completely unnecessary.