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
When I ‘retired’, I pulled all of my PERS because…
1) I didn’t want to wait fifteen years to collect it, and
2) I had no confidence then nor any confidence now that it will be there in (ten) years.
That later observation applies to Social Security as well, and if I could I’d be pulling that. If I had monies in any form in ‘insurance’ I’d be pulling that as well. Far better invested in guns and ammo, dried beans and bacon, and multiple sizes of canvas pants for the grandchildren o grow into.
Ivan the Insurance Agent is as much an enemy of The People as Boris the Banker.
This right up there with the corporations buying life insurance policies on their employees’ lives, then giving them crappy health insurance policies the workers can’t afford to use and working them to death in unsafe working conditions.
It has nothing to do with ethics, though… It’s just good business, ya know?
Ri-i-i-ight…