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What do you think of reverse pension plans ?

by whitelions
6 replies
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Would you risk 45.00 to get About $78 000 in a reverse pension plan ?
They are telling me that this is how it works you buy a life insurants policy for 45.00 and then you sign it over to them and they will pay the they 78.000.00 that it is worth . How do they brake it down is they take your money and buy a plan for 100.000.00 pay off the premiums with what is left over the 78.000.00 they are paying you and then when you pass on they get there money .think about it if they get say 30.000 people ranging in age from birth to 65 to do this and everybody gets there money the company gets to collect on these policy's for the next 65 years. I would love to have that kind of cash flow. I saw this at (hci25 ) Google it let me know what you think I`m trying it its only the cost of a dinner .
  • Profile picture of the author YiKeS
    Looks like a crock o`shit mate ... :rolleyes: ... do you
    really think forking over $45 will get you $78 000? ... LOL!!

    Seriously, buy LIFE INSURANCE
    then SIGN IT OVER TO THEM!???

    Ummm .... how does one usually "collect"on LI?

    When YOU die?

    <shakes head at the world>

    Christopher J.
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    AUSSIE MADE
    WSO --> HOMEPAGER <--- WSO
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  • Profile picture of the author whitelions
    yes when you die they get it since you have already been payed for it and people die every day I`d love to have that cash flow
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    • Profile picture of the author YiKeS
      Originally Posted by whitelions View Post

      yes when you die they get it since you have already been payed for it and people die every day I`d love to have that cash flow
      :rolleyes: How about you ask your accountant .. or lawyer
      ... or better yet, just contact FTC and get their opinion.

      You only need to see WHO is promoting this to know to
      stay away ... the world is in a big enough mess financially
      thru repackaging and leveraging to "create money out of
      thin air".

      And if THEY collect .... when YOU die ...

      ... expect a fatal "accident" to befall you shortly!!

      Christopher J.
      P.S. Think about it ... you pay them $45 ...

      ... they pay you $78 000 ... lol

      .. and then have to pay $xx.xx a month for
      however many years you have left ... lets say 25

      That`s a whole chunka change before THEY get a return
      and like the mortage bs last year ... eventually the bubble
      will burst ... I suspect your trolling for signups :rolleyes:
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  • Profile picture of the author artwebster
    Yup. Bovine excrement in copious quantities in that post.

    Life assurance (NOT insurance) is not a precise science and while being dead could lead to a payout of benefits, the mode of death could well stop or delay them. Suicide? Generally not covered. Existing illness? Generally not covered. Dual liability? Generally not covered.

    If this company wants to have a life assurance policy on your life, they need to have an assurable interest - such an investment would not be an assurable interest.

    Nearly all life assurance policies work on the proviso that the assurer will pay the premiums since it is the assurer who stands to lose in the event of the death of the assured.

    As for yes when you die they get it since you have already been payed for it and people die every day I`d love to have that cash flow
    the new people daft enough to fall for this scheme will qualify for life assurance of $100,000, which means that there will be a long time before any positive cash flow can be envisaged barring accidents, as Christopher has pointed out.

    Never mind, next time you post an ad, try to write it in a neat and professional manner.
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    You might not like what I say - but I believe it.
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    Some old school smarts would help - and here's to Rob Toth for his help. Bloody good stuff, even the freebies!

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  • Profile picture of the author Bert Ritz
    Very Risky! Don't hear much about reverse mortgages these days either.
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    • Profile picture of the author Kay King
      Would you risk 45.00 to get About $78 000 in a reverse pension plan
      Proof that some people will believe anything - and the reason scammers just keep going and going.
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      Saving one dog will not change the world - but the world changes forever for that one dog
      ***
      Dear April: I don't want any trouble from you.
      January was long, February was iffy, March was a freaking dumpster fire.
      So sit down, be quiet, and don't touch anything.
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