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a so my father, when i was a kid, he was raising us while going to college and working full time job and sometimes to jobs. he knew how to be serious if the situation called for him, but most often he was just a goofy guy. i know in the background this whole time, he was stressed out in pain. you know, worried about his finances is even gonna be able to make the mortgage still. he had that that same humor. he never lost it even till the very end. news was financial situation at retirement. age was dire, it was terrible. he had nothing. he was diagnosed with stage 3, head in that cancer which is pretty vague, but it was cancer of the tonsil. stage 3 because it had already spread to his

length. ah, this is done, shan't braiden's father. like him, millions of americans which were time and every year with almost no savings and strangled by medical cost. america is a land of every man for himself, no collective pension system. all universal healthcare, basic and children's for poor pensioners covers almost nothing. they have to pay out of their own pockets. this worrying phenomenon touches all of american society . it is only getting worse as more baby boomers retirement. a new study reveals a jarring truth for baby boomers to night. instead of retirement and relaxation, many are facing bankruptcy. what's happening to maybe go, well this is accelerating a long term trend that we've seen and the great recession, port, even more fuel on that medical costs out of pocket expenses have gone up dramatically. and then we should also note that median household income wages in

general, has been stagnant for almost 3 decades. a drama, not for everyone. the financial world creates a mechanism that generates profit, even out of depression. it's known as the life settlement market. the system involves buying our life insurance policies from hundreds of thousands of elderly and sick americans. once bought by brokers, the policies are bundled in life portfolios and transformed into financial products to be traded on the financial market. who sold directly to investors around the world, generating around $3000000000.00 a year. from the usa to geneva and zurich. this is how the financial world has produced yet another pastor, irresistible profit. ah, ah.

well, this is her thanks for the see you here. i micky, wow, so i'm changing a lot here. ok. dad's old house. now it's my house. i thought i make some changes. so this used to be my dad's house. and then he left it to jordan and he did a lot of fixing up before he died to make sure that the grand babies had a and i safe clean. so he started doing research on, on what he could do, what were his options, how, how, how do people survive in this country when they don't have, you know, a money basically, or job and you're already over a retirement age and i'm pretty sure that was one of the only options that is left instead. so he life insurance? no. what else he would have done? i didn't know that was an option at all. i'm sure he was. i don't think he knew it

was an option either until he just started googling around. you know, once he found out it was an option, it was kind of a no brainer is what done found off the searching life settlement on google ads from dozens of companies competing to find retirees ready to sell their life insurance. here's how it works. life insurance is a form of savings through monthly premiums pay to the insurance, and when the insured person dies, the money is usually paid out to family members. with a life settlement, the insured agrees to sell their life insurance to an investor in exchange for an immediate payout. the investor then continues to pay the monthly premiums on the day of death, the bio pockets, the remaining insurance payout often making a significant gain. but be warned for the process to be profitable for the investor,

the insured has to die as quickly as possible. the longer they live, the longer the investor has to keep paying and losing money. ah ah ah, the millions of americans being plunged into poverty on retirement is one thing. but the life settlement industry needs to find the most desperate situations people weakened by illness and strangled by medical costs for that. investors put their trust in specialists who study candidates medical records to identify those with the shortest possible life expectancy. oh, you are in a way, trying to outsmart god. well now it, we're,

we're that we can't do to do a good job at this. you need to have medical professionals who can evaluate medical records and distinguish the really severe from the last severe mike for santa is one of the pioneers in estimating life expectancy for life settlements based in washington. his company evaluates over $10000.00 files a year. you given estimation in terms of months, weeks, days, wet, wet, what's, what's typically months? oh, yeah. months is, is the standard and the life expectancies can vary all, all over the chart. we get very complex cases of people with advanced cancer or with a, a l ass. or other severe impairments who can have life expectancies of 2 years, one year, less than one year. and then we get people who are relatively healthy and they can

have life expectancies of 1215 and more years. those policies may not transact as often because the numbers don't work out as well . how did these morbid financial products appear to understand that we have to go back to the 1980s? the aids epidemic took the world by surprise and provoked panic and misunderstanding refer, blue hockey flu, touchy feely tradition index you the was feet of was seen the down you plasma. so he's gone. vogue was usaa less speak us. you will surely be on the ve. the melody, you see down for stamina, let technique rush. they will mail out there won't be no go, some damsel separate, he does. she wants v a. i thought of a summer up of to sheila totally dated up him. that's your answer. yeah. like, walk you home and you guys will, isn't that i media on ashton boulevard. i speak you at the less yours vina cynthia,

said pompey chef. good movie. portia, i've years in will farm. you don't get yourself initially. there was no cure. and so the deaths happened as predicted, and then in $95.00, i believe it was. oh, when they came out with the cocktail, that was the 1st of a series of drugs that extended life significantly. these funds that were created went underneath i, with the miracle aid survivors, life policies didn't just disappear in the financial world. they were traded cheaply, am a new investors, and eventually reached the banks of the limo. as the life insurance policies of those thousands of americans hit by the epidemic 25 years ago

. now it in new investment funds sold by a geneva company. ah, here's what we found in brochures promoting this market investment. one life settlement fund boasts of betting on the early deaths of 4532 elderly americans, many of whom are h. i v carriers each month around 10 of them die, providing a consistent income of millions of dollars. tactfully referred to as maturity deaths tend to be more numerous in summer heat waves. the total value of life insurance held by pensions is $434000000.00. we tried to meet a fund manager who places these products on the geneva market, but without success. we did catch up with him, but he wasn't very talkative desk. traders are apparently afraid of the light.

this is possibly according to journalists, a week i tried to contact you. i sent you an email recently as called about a home that are in real even in background. we have some simple questions. thank you for a written after that attempt failed, we finally received some explanation in an email from an anonymous alice, a pension administrator which is a specific multi person that's part of the yes, that's good. i'm sorry. did it assume contaminate? particularly select on seattle top exit of acre said you had set up a classroom where you wanna publish models donna said to by issue. and i multiply cost immediate until you do that. so now if you the system,

the life that that meant to somebody will stop the level did of no did messenger, they put in finance to the salty samples of his bills of ah, do you have a life insurance policy you no longer want need or simply can't afford the same proposition is made to baby boomers. are you sick and paul, but want a few more years to enjoy your retirement? sell us your life insurance? if you can buy policies from people, of lesser income. if you can buy a $100000.00 policy from someone who's annual income is $50000.00 versus someone who's annual income is $250000.00, you'll do better in the $50000.00 universe. that's pretty clear. why would it be better? well, because their, their death rate will be higher. that because they are part because

they're earning live because they're earning less, there's a, there's a relationship between death rates and income that is actually fairly straight line. ah ah, and i make no certainly no borders and is blind to nationalities and you finish as emerge. we don't have authority, we don't have a vaccine. the whole world leads to take action and be ready. not until people are judgment. common crisis with we can

do better, we should be doing better. every one is contributing each in their own way. but we also know that this crisis will not go on forever. the challenge is great, the response has been massive. so many good people are helping us. it makes us feel very proud that we're in it together with ah, these are the 4 people who pulled the trigger and survive something on survival. one of the hardest things that i had to face was not having a face at a low expectation to life. i accepted accept the fact that i made that it's where we had no fears. dell change pretty fast for shots, different stories behind the bullets. oh,

if you are expressing the of non government would be in the image with a c, and i'm sorry, this is a wrong expectation. be you will have to see. that is non, you want me to go with julie entities. you've got to impose the ester democratic system on both on sunday, and he ward and then went to court order. imagine picking up a future textbook on the early years of the 21st century water, the chapters cold, gun violence, school shootings, homelessness. first it was my job and then it was my family didn't was my savings. i have nothing. i have nothing and it's not like i don't trust. i look for resources, i look for jobs, i look for everything i can to make this pass. and i end up doing is passing time,

the road to the american dream paved with dead refugees. at this very idealized image of this old are america makes americans look past the deaths that happen every single day. this is a modem. history of the usa, my america cannot see if you are age 65 or older, have at least 250000 dollars in life insurance and want to learn more about your options for a life settlement. go to l, i s market dot com. and the proceeds can be used any way you want for retirement income to pay medical bills. ah, that's exactly what don shlang was forced to do. at 65, he had nothing left. the meagre savings that he wanted to leave to his children were in his life insurance, lat, terminally ill, and with no income,

he had no choice but to sell to the highest bidder. dad, and leave me any documents related to the life settlement. but i did find in his email account, ah, a conversation that he was having if you're off as the same as the others, why would i deal with you? i'm sure you understand. i have to get the most i can as this is basically all i'll be living off for whatever time i have left, the other company came back and offered me a 150000. now, any chance you could meet that i might get them to match the $150000.00 for you enclosed much faster than the other group i hadn't heard from you. so i went ahead and got the other companies paperwork notarized. for most people that asked would be no big deal, but in my condition, it was a he knew it was going on. my dad was aware that somebody was making a lot of money off of his insurance policy. honestly by my estimation,

this policy will cost just $2.00 to $3000.00 in premiums, so it seemed to me 75 percent of the death benefit would be fair to me and still quite profitable for the buyer. as i said, the more i can get, the better things will be for me. so i am definitely interested in the best price i can get. we can over a $165000.00 for the policy, go ahead and send the new stuff in the end. don signed and was paid within a week. mm hm. the pension funds that thought his policy only had to wait a few years and made a profit of around $50000.00. when don died in november 2019 michael friedman is a life settlement broker. we are a life settlement provider, which means that we buy life insurance policies from primarily seniors throughout the united states who are no longer want or can't afford their life insurance

policies. baby boomers are now 73 years old, which is around the, the age at which like settlements become more likely to, to work for the seniors as they get older. and they need assistance with, with activities of daily living as, as they're referred to bathing, dressing, transportation, eating. and they can't take care of themselves. and they need what's called long term care than medicare doesn't cover that. so we have a retirement crisis in this country and we have a health care crisis for seniors in this country as well. and with, do you think the situation would be the same in the us for this industry?

with a strong universal healthcare. it would reduce the discrepancy in the life expectancy from poor to rich and provide less of a, a windfall if you will, if would be less profitable? well, yeah, you could say less profitable. sure. and what we're seeing now with the silver su nami, of seniors. now turning $73.00, the baby, the 1st baby boomers, we see that there is a shortfall that we see that governments are facing increased costs in their medicaid budgets. so that baby boom generation is yes, an opportunity for the life settlement market. but it's, it's, it's a private sector solution to providing funds and resources to the largest growing population in america today. ah,

for the distress felt by sickens poor american baby boomers, death all provides finances with an opportunity. but who are they like in the case of life? insurances of aids sufferers in the 1980s. it's in switzerland that a large number of investors can be found with an interest in this particular that even more surprising. it's the retirees who have the most to win from this business of death. you may have a pension that is based on swiss lives. but 20 years ago, when the assumptions were set up for that performance of that, of the, of the lives that things have changed over 20 years. you swiss are living longer, people are living longer. there's more pension payments being made, investing in life settlements, i should say, is not so much just is not about investing on sick people and,

and things like that. it's testing on a group of lives with an average life expectancy over 10 years that can cover they can match up that shortfall that it's good business for life insurance policy holders in this country who sell their policies. and then for the benefit of the in the of the pension that may invest in that oh. ringback that was the exact calculation made by the city of zurich, pension fund. it's one of the country's most respected insurance companies that manages pensions for more than 18000 former public servants. in 2017 it's directors decided to invest 80000000 francs in life. settlement jo till blue is head of investments for zurich, mentions von vin, diesel life set and sign act even product fully insurance gas the ale stance kernan via from life settlement invested soon. and i deposit deeper in detail. alton,

does he seem to hide the can avail glider niche milsap's for stanley as he stay se v sticker on the of anthony fiancee until conan indigenous laven spot for your yet bowan. i gibbs, this bizarre ervish to get conklin hiking 9, kate answered alzheimer. hi, you fall on to seal east, i'm but i diverse if it see at this portfolio to 1000 to bowen or near visits initially off spits. if you should cronkite from the small in viet out bevells county sh. on this afghan, this new tinkle might have ended to a t. and then m. m. dragon's jo john an o s. hand now mid capes. shy june,

fear em. i'm blind. good old hates. go stupid, cylon ads, only bins fellows shall fall, golfed ear shanella joined, shipped distal glow, sawdust, 4 feet deep, and shone scottish tint thus. darcy sneezed, so vivid on these invested children had on k, another via shower near the iron curtain. laden's was, he shrugs, police, unarmed violent, vanished. so our interview daily and leaping quality written thus, volunteers, he shall mishma hunter to summarize, thanks to excellent health care. switzerland is a country where retirees tend to live the longest to fund their pensions. xerox public pension fund has to place bets on thousands of americans dying early because they can't pay for medical treatment. is stuck to a car. dian starkers,

such as carlos get ethan is thus english. compatible weight is a politic im, vicky sacked. we're cow fund decent light and he had a 40 chunks, police set up dc i was screened and denise me don't to call her open for cow from viola for commission on townsend's guard. kiner opportune. it was the house to my analysis of police, sir. ha, i think it's just a sad state of affairs that, that life sediments are even necessary for people because it all he needed for was for survival. he wasn't trying to like, buy some crazy machine or do some kind of crazy treatments. he just needed money to survive on those even zayden z elephant yet as to hi mckenna. i mean he kinda does,

he signed the site um basically shifts young that his i placed this via seeing slicing on today for the children i have in d. did, etc. and on to cease to be by the 8th of that on talk to on the time it than altima laughed at their own talk until mm hm. by deciding denial cuz she base the cache they had seen by the american system might look like a nightmare. no one wants to be forced to sell their household life insurance to pay for chemotherapy in europe. that would be a scandal with when it comes to paying for the pensioners. they don't hesitate to profit from this liberal american system. and the distress that causes a group of people out there, i guess, hoping that people die soon. one kind of what kind of motivation is that?

give them, you know, to invest their money in good things that help maybe help keep people live longer. they have no motivation to do that with their money now, because now they want people to die sooner because they profit off it. that's probably the thing i struggle with the most since he died is, is, is how unfair everything about. i mean, he never got a fair shake, the lack of retirement that he got to enjoy the pain he had to endure. he didn't deserve any of that. he was just, it kills me. that's usually what when i start crying about him dying, that's usually what it's about as just the sheer unfairness of it. mm. selling their own deaths to the highest bidder is chosen by many elderly americans to paying for their retirements or now they've been doing little feeding this machine.

ah, oh oh, if you are expecting be of random, it could be in the image or with a seat, and i'm sorry, this is august. they should be, you will have to see if you want me to go with julie entities. you've got to impose the democratic system on both on sunday the board and then political order.

imagine picking up a future textbook on the early years of the 21st century. what are the chapters cold, gun violence, school shootings, homelessness? first, it was my job and then it was my family. didn't was my savings. i have nothing. i have nothing and it's not like i don't try. i look for resources, i look for jobs. i look for everything i can to make this pass and i end up doing is passing the road to the american dream, paved with dead refugees at this very idealized image. all this older america, native americans look past the deaths that happen every single day. this is a modem. history of the usa by america on our t. join me every thursday on the alex salmon. sure. i'll be speaking to guess in the world of politics, sport, business. i'm sure business. i'll see you then.

ah ah, this hours headlines from a hearty international, the offshore assets of hundreds of the world's most powerful and richest people, are revealed in the biggest ever leap of such data called the pandora papers. and while it confirms us as a top, well, the tax haven no well known american people or firms are mentioned despite president finance pledge clamped down on tax evasion. also, at least 12 people are reportedly killed and more than 30 wounded and blasted cobbles. the 2nd biggest mosque and calvin says that it has detained 3 people, allegedly responsible plus in our review of the week.