So im filling out my beneficiaries for the free policy we get through work, and after my parents and siblings, I don't really care who gets the money. Is it legal to sell the remaining three slots that are allocated as my contingency beneficiaries?

I envision it like this - If I die, and my three primaries also die, whoever bid to be listed as a contingent beneficiary would get an amount proportional to what they bid. In the meantime, I get the money that they payed me now to use while I'm alive. I think it's win-win for everyone. It's like a lottery, only with much better odds.

11/4/2010 1:27:41 PM

11/4/2010 1:29:41 PM

you want in Tarun?

Bidding starts at 50$, top three make it in. Grand prize is 50,000

11/4/2010 1:39:48 PM

Are you sure you wouldn't be putting a bounty on your own head

11/4/2010 1:44:04 PM

no i am gonna auction my beneficiaries!

11/4/2010 2:02:51 PM

Don't steal my idea!

And they couldn't put a bounty on my head unless they got all of my primary benificiaries first, and they wouldn't know who all of them were.

11/4/2010 2:11:11 PM

i think if i were on that i could take out another policy on you for more and then have you knocked off...hmmm

11/4/2010 2:12:25 PM

this reminds me of a murder-for-hire scheme i read about:

make a website and offer an anonymous cash prize to the person who most closely guesses the time and cause of death of a particular person. so, you're offering an incentive to kill the person, because the killer should know before anyone else, but you're not soliciting it per se

11/4/2010 3:35:17 PM

just get a viatical settlement

actually, don't, but this is roughly equivalent if you're just trying to get extra cash now

11/4/2010 3:41:34 PM

also

11/4/2010 3:48:57 PM

^^ Nice! Looks like this does what I was talking about.

http://en.wikipedia.org/wiki/Life_settlement

Looks like it only pays off if I'm old and want to sell my policy. Cool that there is a market for this though.

11/4/2010 4:31:02 PM