Now flogging life insurance settlements to CPAs

Just received an alarming spam. They are now flogging life settlements, encouraging that CPAs advise clients to sell their life insurance policies in return for a cash stream. To be securitized, tranched (by life expectancy, perhaps), pooled and so on and on. What could *possibly* go wrong? You know all the broke geezers are going for this. Why leave life insurance to the kids & the spouse, when you can spend it yourself?

Joe: Hey Fred, those life insurance policies we bought from the geezers, then tranched, well, we’re getting killed here because they aren’t dying when the actuary tables said they should.

Fred: Lemme make a few phone calls…

— Bob