Why don't you have life insurance on all of your relatives?

Why don't you have life insurance on all of your relatives?

i do

I tried that, but a lot of them changed their personal info and won't tell me where they are.

how? I thought you had to be financially hurt if they died for you to take out insurance on them

Why would i do that OP?

The better question is why wouldn't you, user?
>approach family member you're on good terms with
>offer to take out policy on them
>tell them you'll foot the premium and take care of funeral
>insure them for $50-$100k or whatever you can afford
>let them sign off on it
>they croak
>average funeral is like $10k tops
>???
>profit

It's like not a hard concept here.

My dad had a million dollar policy on my grandma, has a 500k on me, and a 200k, on my mon. I see nothing wrong with is.

When he skipped down the isles of church at my grandma's funeral though... that was pretty fucked up.

My family won't let me. 3 of my 4 grandparents have died and none had insurance because you're "Not supposed to profit from losing a relative"

Too bad in the long term you'll lose money

Insurance companies are a business for a reason they make profits, and that means they know exactly on average how long you're going to live and how much to charge you

Your idea is shit OP

Hmmm.

But what are the annual premiums?

Lets say you have a relative that is not gonna croak for 30 years, then you need to pay 30 years of premiums....

more like they make a profit on investing your premiums that you pay each month...

That's why insurance companies are called "Invisible Banks".

I feel like OPs idea would be profitable if you do something like take a policy out on someone who's relatively clean cut and then celebrate by taking them out to drink. You overserve them and then have them start smoking while they're drunk. Like make them down a full pack of cigs every weekend while blackout. Repeat until they have a severe nicotine addiction coupled with a failing liver. Then you wait 10 years.

Does it have to be only my relatives?

Typically you won't get anywhere near close to how much you put in for the amount of coverage you receive.

Life insurance has a 90%~ rate of cancellation or lapsing before the insured dies, so that's how they profit. They bet on the clients cutting off their life insurance policies early by only paying for a few years.

That's why you put a policy out on a healthy person and then set them up to die. You give them a Corvette, a bottle of jack and a bunch of cocaine to celebrate by taking out a $50,000 loan from the bank. You collect your $10 million from the policy that next Tuesday.

life insurance is fucked up. gambling on the life of someone is such a crazy concept

Your relatives will live longer than you can stay solvent.

there is no way this will be worth it unless you know something the insurance company not or plan to help your family to the afterlife yourself.

its only fucked up if you think about it in a fucked up way like you do.

All insurance is fucked up. Car insurance is gambling on whether or not you get into a potentially life threatening accident. Health insurance is gambling on whether or not you get sick. Home insurance is gambling on whether or not your house gets destroyed.

Now that's the retarded plan. The insurance company wouldn't even payout if there was obvious neglect on the insured's part such as driving under the influence or getting hopped up on drugs.

No it really isn't. The reality is it's protection for the breadwinner's family in case they die earlier than expected. If Papa dies and is the only source of income and leaves Mama and Lil' Johnny to cover everything it quickly turns the situation from ass to up shit creek without a paddle.

If it's an older member then not really. Even if you insure your kid nephew or niece you're still ahead of the game. And as said you'll likely never overspend on the life insurance.

this is a good way to get your family to stop talking to you

They'd have to pay out. That's the point of life insurance. They'd probably do a crazy ass investigation to try and find a reason not to pay, but they typically won't not pay out just because someone died under the influence. What they do is offer you a cheaper, nonpremium plan and charge you more for it so that they pay out a little bit, while you pay big bucks monthly to insure the person.

That's why you bring in a clean cut person from a good background and then send them off to die. Because then it's not neglect or drug abuse, it's a "terrible accident that happened to someone that had so much going for them". The media crafts together these stories all the time for little shits that just so happened to not have a past record before doing something absolutely insane. You get that same picture painted for the insured and then if the insurance company says anything, you glass their ass in interviews and get the company in deep PR touble.

There is a two year contestability period where the insurance company can argue and choose not to payout if the death is suicide or suspicious. After the two years they will pay any death claim as long as the premium is being paid and the insured is confirmed dead.