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Is it possible to buy life insurance on someone who is about to die?
With yourself as a beneficiary? I have a friend who has two parents, at least one of which is about to go any day now. Is it possible for them to get some (possibly more) life insurance so that they can get some (potentially) easy money off of this. I'm not talking million dollar policies or anything like that. I'm thinking sub $10,000 payout policies on someone who is over 80.
they would probably need to purchase a life insurance policy themselves and name you as the bene, or name a trust the bene where you are a trustee. Though, I am not an insurance expert by any means. Either way it's just bad karma to the max.
What was the reason that the insurance company gave for not paying?
There is a waiting period. You can't buy life insurance on Monday and know you are dying on Tuesday.
I have known this family for 30 years, I have dated her for 7. I don't think they were trying to play the system (they didn't fight the insurance company at all). I think it was just weird coincedence or he know he was sick and secretly tried to plan for them.
Either way, his lack of pre-planning (we all die) and poor saving/investing put them in a hole. His window is 55 now and will have to work until she dies because of it.
Quote from Count_Chocula :
play it safe & go with the hate insurance
As long as it's not the dreaded "Like you as a friend" insurance. That one is terminal.
Last edited by saladdin; 02-23-2011 at 07:08 AM..
Reason: Automerged Doublepost
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