Life and Health Insurance Policies

Anyone have info on the practice of purchasing/taking over someone else's health/life insurance policy?

Essentially, one would pay the premiums for another person who may be in poor health and cannot afford their payments. This, in turn, makes the beneficiary the one who is paying on behalf of the other person. Some look at this as an investment, others look at it as unethical...either way, I would like a bit more information, links, etc... if anyone has it?

Public Comments

1. This doesn't make you the beneficiary of anything....unless it's a life insurance policy and that would be only if they made you the beneficiary. So it's not an investment, yes it would be unethical if you are looking to some kind of financial gain or not if all you are interested in is helping someone....but it doesn't sound like it
2. Common situation you met like many other people,be patient,and check the resource here http://www.HealthInsuranceIdeas.info/free-online-health-insurance.htm i found useful.
3. The process goes like this. The owner of the policy signs over rights on the policy to someone else in exchange for a lump sum. It could be a relative or it could be a life settlement company. At this point the person who bought or took over the policy will pay the premium and most certainly change the beneficiary to be themselves. It's not unethical, but many facets that most don't consider. It can easily create problems for the seller of the insurance if they aren't careful.
4. www.lifehelpnow.info for health insurance info and help