Quote:
Originally Posted by Blackbird45
This is only for the young and it might sound ghoulish, but someone I met told me they invest in insurance policies. A broker feeds him information on people who cannot afford insurance and are not the best in health and he pays them a fee up front or a percentage to their families. They in turn let him become the owner and beneficiary.
He showed me the figures I was shocked; he is now paying 50K a year in premiums and if he outlives all of them, he's good for 1.8 million. This guy already made over a million. Most of us here in the TV are too old for this. But if you have a son or daughter, and they know an agent and don't mind the optics of this, they should talk it over with them. He swore this was perfectly legal.
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It's not legal if the broker is concealing the health status of the clients from the insurance company. He is supposed to represent the company. Insurance companies aren't stupid. They require the health status to be revealed, a medical examine, or a waiting period before accepting the policy. It sounds like the broker may be defrauding his own company.