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Old 09-15-2009, 09:08 AM
 
Location: Las Vegas
14,184 posts, read 26,775,757 times
Reputation: 27394

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Think about this. You'll never hear the insurance companies talking about this because they are making a LOT of money....

Some of us are elderly and others are still taking care of elderly relatives/parents. Many of these individuals have purchased life insurance to cover their final expenses or help pay for college for grandkids or just to provide a small inheritance for their children. Whatever was important to them. Chances are they have paid on these policies for years, decades even.

When your elder becomes ill, the first thing they will do is stop paying bills. They are too sick, or they forget. Maybe they are in the hospital. Chances are they won't ask for help either. They want to make their own decisions and be independent for as long as possible. They fear they will look weak or incompetent if they ask for help.

Remember that 100K insurance policy Auntie Mary got for your kid's college fund? Chances are it lapsed about 30 days before she died because she was sick and no one paid the premium. Too bad because she had been paying the premiums since 1990. Of course everyone was worried or involved in Auntie Mary's care and no one thought to see if the bills were paid. You figured it could wait. And of course there was all the normal confusion about who was doing what...

Just make sure this doesn't happen to you. It's not greedy or taking advantage. It's what Auntie Mary wanted.
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Old 09-15-2009, 10:22 AM
 
Location: The beautiful Rogue Valley, Oregon
7,785 posts, read 16,456,611 times
Reputation: 10627
Hey, don't worry, Wall Street is going to fix everything! The hot new financial instrument is buying up life insurance policies and packaging them together as investments. Get rich off other people's financial misfortune and inevitable death!


http://www.nytimes.com/2009/09/06/bu...urance.html?hp
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Old 09-15-2009, 12:10 PM
 
13,510 posts, read 15,424,222 times
Reputation: 37885
Quote:
Originally Posted by PNW-type-gal View Post
Hey, don't worry, Wall Street is going to fix everything! The hot new financial instrument is buying up life insurance policies and packaging them together as investments. Get rich off other people's financial misfortune and inevitable death!

http://www.nytimes.com/2009/09/06/bu...urance.html?hp
There were a number of companies around scarfing up the policies of people with AIDS in the 80's. Viatical settlements were a thriving cottage industry then, and now Wall Street. Who woulda thunk it?
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Old 09-15-2009, 07:42 PM
 
Location: Boca Raton, FL
5,687 posts, read 9,304,743 times
Reputation: 7523
Smile Life insurance

My father used one of his policies and did the viatical thing - big in the 90's also. That hurt me as I had been helping financially. Oh, well.

Hard to believe they're coming back.
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