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Insurance Bank Account

For the rich and old.
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Banks and credit unions should start making available a new account type. an insurance account.

You would pay into this account regularly, like an insurance policy. However, since it is a bank account with interest, as the balence builds up, your payment minimums decrease and soon you'll have enough money in there that you won't have to pay insurance cause you have enough in this special account to cover it.

And, of course, if you have enough money already, just put it in one of these accounts and never pay your car insurance again.

ironfroggy, Jan 09 2003

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       [thcg] I don't think insurance companies have ever made much money off people. Market forces keep those actuarial equations pretty evenly balanced.   

       They make it off fund management. Hence the big premium hikes in the last couple years.
General Washington, Jan 09 2003
  

       There is a form of insurance that works like this. Forget what it's called, though.
DrCurry, Jan 09 2003
  

       Yes, something like this is already quite common, usually for life insurance. In some cases you can actually take money out, too.
egnor, Jan 09 2003
  

       Right you are. Nevermind.
beauxeault, Jan 09 2003
  
      
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