Can you make money by letting people take out insurance on your life
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YARNLADY is happy everyday
ANSWERS: 4
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I guess you could. That is to say I don't think it's illegal. I don't think I would. Call me paranoid but I just don't like the idea of someone that may not have my best interests at heart making money on my demise.
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There used to be a system called a Tontine where a group would contribute into an annuity 'pot.' As members of the group pass away, the others' shares increase. The last man standing takes the pot. Unsurprisingly this type of scheme was outlawed everywhere (although only in 1950 in the US!)
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If you make it a horizontal pyramid scheme, you might stand a chance. Just keep telling each investor that the more people they bring into the investment, the more stock in your life you get. Wait until they invest. Keep the scheme going as long as possibly by rewarding each referring investor, but keeping most the capital. Then when they all are looking for your life, RUN!!!!!!
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You could get a reverse mortgage on your home. That's kind of the same thing.
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