Thursday, April 30, 2009


Senators Decry Flipping Of Life Insurance Policies

A full-page ad in the Chicago Tribune invited people age 50 to 85 to come hear football great Mike Ditka and learn "WHY WALL STREET WANTS TO BUY YOUR LIFE INSURANCE POLICY."

The ad shows how a murky and potentially risky market for life insurance has been pitched to vulnerable consumers, an Illinois regulator told a Senate panel yesterday.

Members of the Senate Special Committee on Aging yesterday expressed concern about dangers for senior citizens from what the hearing agenda described as "Betting on Death in the Life Settlement Market." Panel Chairman Herb Kohl (D-Wis.) said selling a life insurance policy to investors "can be fraught with possible hidden pitfalls..."

Washington Post: Senators Decry Flipping Of Life Insurance Policies

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