Can I have a reverse life insurance policy, where they pay me as long as I live and they get money when I die?

With life insurance, I pay the insurance company money each month I am alive, and they pay my estate or beneficiaries if I die. With an annuity, I pay the insurance company up front, and th...

With life insurance, I pay the insurance company money each month I am alive, and they pay my estate or beneficiaries if I die.

With an annuity, I pay the insurance company up front, and they pay me each month that I am alive.

I want a policy where the insurance pays me while I am alive, and then gets money from my estate when I die (my heirs do not need the inheritance). Is this possible? (A reverse mortgage will not work because I do not own a house. I want something like a reverse mortgage, but secured by my investment portfolio, not by real estate.)

rcdrury	Judy: "Sounds like you might do an annuity someday - I hope not. I really hope not." Wow, this statement is, at best, off-topic for the question; at worst, extremely irresponsible. There are those who can benefit in various ways from annuities, those who should not be in annuities, and those who absolutely MUST be in an annuity to avoid potential financial ruin. Judy knows nothing about you or your situation. From what I've seen in this forum, I suspect she also knows pretty much nothing about insurance products in general.

wg0z	not gonna happen. there is no guarantee your estate will have any assets when you die. if you have assets, just sell them now while you are alive. or buy another annuity.

car253	You only could do that plan if you have a life insurance company with lots of cash in it. Then a company will buy the policy and pay you hoping that you will die so their investment will pay off. Usually people lose in this situation.

Lexie	Uh, I don't think these type of things exist.

Common Sense	Sorry, but no. What ensures the money will be there when you die?

Judy	Simply take 4% out of your investments out per year. Adjust for inflation each year. Cost - FREE Sounds like you might do an annuity someday - I hope not. I really hope not. /

CC	What you're describing is a viatical settlement, where a company pays you a percentage of the policy payoff now, in return for them getting the full amount of the policy when you die. Most of these settlements are done with people that have short life expectancies, usually due to terminal illness. They became very popular with AIDS patients many years ago, though with advances in AIDS research, the life expectancy has increased, and these settlements are less common. In short, if you're young and healthy, you probably won't find a viatical firm to make you an offer, and if they did, it would probably be for less than the premium you paid. There are many viatical firms out there, but again, you have to meet their criteria. As far as a viatical against your portfolio, forget it. Google viatical settlement.