I was watching a report on the news today that people are going around making a profit on buying life insurance policies from the elderly and hoping they will kick the bucket, so they can collect on their death.
Some lawyer was saying he had 15 policies from different individuals, and was disappointed that none of them have died.
I guess if the person buys a life insurance policy, they can claim 50 percent of the payout on the policy if the original owner dies. If that is the case, what do the surviving family members get if some of the policy is granted to them?
My main question is, how in the hell is this legal? And how many policies can a person buy? Not only that, it seems to me a smart crook could buy up policies and bump the person off to collect.
It sure seems like a pretty big scam to me. And, how does the public know the employees of insurers aren't buying up these policies themselves? They would certainly have the best knowledge of the person involved.
Sad to say, it doesn't surprise me. Ever hear of dead peasants' insurance?
http://moneycentral.msn.com/content/ins … p64954.asp
wow..who would have thought a lawyer could be such a weasel?
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