Would you rather have a good night’s sleep or be financially sound?
Sorry that is a trick question, because in my case, if I was financially sound, I would sleep better. My sleep patterns are not ideal, I am a classic worrier (I believe it is genetic), so I have had many sleepless nights, but at the end of it most of the time it has been directly or indirectly due to money (and the lack thereof).
My guess is if I was single, I might not worry about money as much, because having a family and dependants makes money issues magnify in significance 10 fold (at least). It’s funny that money can play that big a role in someone’s life, but in my case it most certainly does (when I was a teenager I never thought I’d get a girl and if you’d told me I was going to be making what I am, I’d have said, “Bring it on!”. interesting how the table has turned).
Given the effect worrying has on most folks health (for those that don’t worry (and I don’t believe you don’t worry) you’ll have to imagine this), makes me start wondering about whether insurance companies are going to start asking financial health questions when you apply for health insurance or life insurance? This may sound far-fetched but is it really?
Medical studies are showing conclusively that worry and stress shortens people’s lives and can cause major health issues, so why wouldn’t insurance companies take that into consideration? In the 1960’s whether you smoked was not a question on your life insurance application, but it most certainly is now. Obesity and weight may not have been an issue before, but it most definitely is part of applications for life insurance. So why is stressful money such a stretch?
A few ideas that I could see causing insurance companies to put up a red flag on someone applying for insurance might be:
- Over a certain age (say 35) and still owing more than 1/2 of your mortgage principle.
- No retirement savings in place (and no pension either)
- At Credit Card maximum rates
- Applied for a Credit Limit increase and been refused