Death For Sale: “Life Settlements” Are the New Subprime Mortgages on Wall Street

Posted on Sunday, September 6th, 2009
[ Original source via Technorati Search for: "life settlement" or "life settlements" ]
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A few years ago, I met a young millionaire who had made a fortune buying life insurance policies from the elderly and reselling them to investors. He would offer policy owners cash upfront, and when they died, the companies to which he had sold the policies would receive the benefits. Of course, he earned a percentage. It struck me as a clever but shady operation. Today, the NYT reported that this practice of buying what are euphemistically called "life settlements" may be the next big thing

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