Short video (YouTube) where Jayson Lowe compares participating whole life insurance to car insurance, noting structural similarities in risk-transfer and making beneficiaries/owners "whole" after loss, but emphasizing substantive differences between insuring human life and insuring property.
Does dividend pay participating whole life insurance act similarly to your car insurance? I would suppose that there are some characteristics there that are similar. You're insuring your car so that forbid if something happened to your car, it can be replaced. I guess the distinction there would be nobody can replace you when you insure your life wholly. When you die, your surviving heirs, your beneficiaries are made whole again. I suppose that would be the same as it relates to your car insurance. For me, dealing with a human life versus a piece of property are two entirely different things. And so the anatomy of the construct of insurance and the principle behind it, there would be some similarities there, but they are two completely different things in my view.
