Know who is betting on your death?
A new way of making good money out of life insurance has come to light. One that is not technically illegal but does not fall under the purview of being legal too!
Off late some senior citizens are being urged to late out a life insurance policy as large as $ 1 million or more. The kind benefactor loans them money to pay for the first two installments. After this the senior is expected to sell the life insurance to the person who gave him the money in the first place. This he does gladly, since he is being offered a sum equivalent to 1% of the $ 1 million that he is insured for. After this the buyer of the insurance sits back and waits for the senior citizen to ‘die’. After the death, the new owner of the insurance becomes the recipient of the $ 1 million for which the senior was insured.
The senior does have the option to keep on paying the yearly premiums and maintain the policy but the sheer size of the premium prevents him from doing so. And he is therefore quite happy with the 1% that he receives for his ‘work’ that roughly translates into $ 10,000.
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