The Life Insurance Scheme

This is our lounge area. Feel free to come in and get acquainted!
User avatar
ed
Posts: 40123
Joined: Tue Jun 08, 2004 11:52 pm
Title: G_D

The Life Insurance Scheme

Post by ed »

Here's the idea.

You form a company ... "FuturePerfect LLC"

And what you do is make it a charity, a 401c thing.

You then advertise in AARP and other fogey outlets with something like this

BE IMMORTAL
Let your demise make for a better life for others!!!!

The idea is that these fogies (screened for age and sickness) sign off on term life insurance whose payout goes to one or more of a selected number of charities. FuturePerfect LLC pays the premiums.

I take a 15% administrative fee.

I need a few partners to fund it.

It is consistent with my Injun Spirit Animal Ethos: ie. Slothlike.

I used to come up with swell ideas like this and share with my company lawyer. He would often respond "wear stripes" :cry:
This space for let
User avatar
Grammatron
Posts: 35762
Joined: Tue Jun 08, 2004 1:21 am
Location: Los Angeles, CA

Re: The Life Insurance Scheme

Post by Grammatron »

Any scam like that needs to have a religious component (cover) to give government pause in going after you.
User avatar
ed
Posts: 40123
Joined: Tue Jun 08, 2004 11:52 pm
Title: G_D

Re: The Life Insurance Scheme

Post by ed »

When you go to your reward, reward others
This space for let
User avatar
ed
Posts: 40123
Joined: Tue Jun 08, 2004 11:52 pm
Title: G_D

Re: The Life Insurance Scheme

Post by ed »

I see multiple threads ... here's one
s-l300.jpg
You do not have the required permissions to view the files attached to this post.
This space for let
Nyarlathotep
Posts: 49552
Joined: Fri Jun 04, 2004 2:50 pm

Re: The Life Insurance Scheme

Post by Nyarlathotep »

As a licensed insurance professional (seriously I am, just not working as one because I suck at sales) I am not sure you can do it as described. Not exactly

You can name anyone you want as a beneficiary, but the charity can’t take out a life insurance policy on you because they don’t have an insurable interest. So you couldn’t do it directly, at best you could offer services to help someone leave their insurance payout to the charity
User avatar
ed
Posts: 40123
Joined: Tue Jun 08, 2004 11:52 pm
Title: G_D

Re: The Life Insurance Scheme

Post by ed »

Can't leave members of the tribe out
download (11).jpg
You do not have the required permissions to view the files attached to this post.
This space for let
User avatar
ed
Posts: 40123
Joined: Tue Jun 08, 2004 11:52 pm
Title: G_D

Re: The Life Insurance Scheme

Post by ed »

Nyarlathotep wrote: Fri Jan 10, 2020 9:22 pm As a licensed insurance professional (seriously I am, just not working as one because I suck at sales) I am not sure you can do it as described. Not exactly

You can name anyone you want as a beneficiary, but the charity can’t take out a life insurance policy on you because they don’t have an insurable interest. So you couldn’t do it directly, at best you could offer services to help someone leave their insurance payout to the charity
Recruitment is a key part of it. "Part of you CAN live forever"
download (12).jpg
And
download (13).jpg
We're cookin' now.
You do not have the required permissions to view the files attached to this post.
This space for let
User avatar
ed
Posts: 40123
Joined: Tue Jun 08, 2004 11:52 pm
Title: G_D

Re: The Life Insurance Scheme

Post by ed »

download (14.jpg
You do not have the required permissions to view the files attached to this post.
This space for let
User avatar
ed
Posts: 40123
Joined: Tue Jun 08, 2004 11:52 pm
Title: G_D

Re: The Life Insurance Scheme

Post by ed »

download (15.jpg
Too soon?
You do not have the required permissions to view the files attached to this post.
This space for let
User avatar
Witness
Posts: 33100
Joined: Thu Sep 19, 2013 5:50 pm

Re: The Life Insurance Scheme

Post by Witness »

You can arrange for the WWF to inherit your assets. (Within legal bounds, of course.) They advertise for that from time to time.

And donate your corpse to the biosphere. :twisted:
User avatar
ed
Posts: 40123
Joined: Tue Jun 08, 2004 11:52 pm
Title: G_D

Re: The Life Insurance Scheme

Post by ed »

NRA does too. Thing is that I make zero, zilch, nada, 0 from those scams hence MY scam.
This space for let
User avatar
ed
Posts: 40123
Joined: Tue Jun 08, 2004 11:52 pm
Title: G_D

Re: The Life Insurance Scheme

Post by ed »

We need a staff doctor to evaluate the participants. Unlike most such evaluations we want to identify those with the least likelihood of survival.

We will incent our Doc. Like an over under thing.

This has legs. Maybe more functional legs than our participants.
This space for let
User avatar
Witness
Posts: 33100
Joined: Thu Sep 19, 2013 5:50 pm

Re: The Life Insurance Scheme

Post by Witness »

Visit lake ed. Leave your wallet here and now go pet the gator/python/swamp ape/trilobite.

How are your crawdads, BTW?
User avatar
ed
Posts: 40123
Joined: Tue Jun 08, 2004 11:52 pm
Title: G_D

Re: The Life Insurance Scheme

Post by ed »

We are on a roll here, don't divert my attention.
This space for let
User avatar
ed
Posts: 40123
Joined: Tue Jun 08, 2004 11:52 pm
Title: G_D

Re: The Life Insurance Scheme

Post by ed »

How are you feeling, BTW?
This space for let
User avatar
ed
Posts: 40123
Joined: Tue Jun 08, 2004 11:52 pm
Title: G_D

Re: The Life Insurance Scheme

Post by ed »

Oh, no reason....
This space for let
Nyarlathotep
Posts: 49552
Joined: Fri Jun 04, 2004 2:50 pm

Re: The Life Insurance Scheme

Post by Nyarlathotep »

Also, a 15% commission is incredibly generous. As competitive as the insurance market is, gonna be hard to sell policies with that kind of margin
User avatar
ed
Posts: 40123
Joined: Tue Jun 08, 2004 11:52 pm
Title: G_D

Re: The Life Insurance Scheme

Post by ed »

Nyarlathotep wrote: Fri Jan 10, 2020 11:07 pm Also, a 15% commission is incredibly generous. As competitive as the insurance market is, gonna be hard to sell policies with that kind of margin
They won't be around to see it. And we are paying the premium.
This space for let
Nyarlathotep
Posts: 49552
Joined: Fri Jun 04, 2004 2:50 pm

Re: The Life Insurance Scheme

Post by Nyarlathotep »

ed wrote: Fri Jan 10, 2020 11:09 pm
Nyarlathotep wrote: Fri Jan 10, 2020 11:07 pm Also, a 15% commission is incredibly generous. As competitive as the insurance market is, gonna be hard to sell policies with that kind of margin
They won't be around to see it. And we are paying the premium.
Which is the problem. No insurable interest, this we can’t take out the policy.
User avatar
ed
Posts: 40123
Joined: Tue Jun 08, 2004 11:52 pm
Title: G_D

Re: The Life Insurance Scheme

Post by ed »

Nyarlathotep wrote: Fri Jan 10, 2020 11:12 pm
ed wrote: Fri Jan 10, 2020 11:09 pm
Nyarlathotep wrote: Fri Jan 10, 2020 11:07 pm Also, a 15% commission is incredibly generous. As competitive as the insurance market is, gonna be hard to sell policies with that kind of margin
They won't be around to see it. And we are paying the premium.
Which is the problem. No insurable interest, this we can’t take out the policy.
They take the policy out, not us.
This space for let