Life Insurance Cash Out

Posted by cameron

July 24, 2007 |

Baby Boomers with Life Insurance Cash Out value are the targets of some businesses that want to buy you out. The value proposition goes like this: if you own a life insurance policy that has a cash out value they will buy it from you for a sum greater than the cash out value. That company will continue making payments and will claim the insurance when you die. Sounds like a win-win proposition. Of course it is open to fraud against older people who may be desperate to get money to pay medical bills. It is easy to see that people can sign over their insurance and not receive that check they so badly need. This seems to be an area of business made for scammers. But wait. There is a new scheme I have just heard about. Boomers without life insurance and no retirement savings are the new target du jour. In the first scheme above at least you are the instigator because you have a need for cash. In the latest scheme you may be approached by a third party to take out insurance for the express purpose of signing it over to that third party for an immediate payout. They make the payments until you die and cash in the policy. I can only imagine some shady character knocking on my door offering a quick fix to my problems. The word “vulture” springs to mind. I can’t help wondering how many people will die from some “accident” in the future. After all, the motivations are in place to have you die sooner than later. Whatever next? Will “hit men are us” be the new growth industry?

Comments

2 Comments so far

wedding supplies on July 27, 2007 8:21 pm
so how much is yours worth…
Life Insurance Cash Out by insurance.ZapiZapi.com on July 29, 2007 10:54 am
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