Reverse Life Insurance
400,000 dollars. A five year note at 15%. So technically, after the monthly minimum payments, he owed 837,231 dollars on the policy.
The adjusters would be here soon.
He knew about their efficiency and punctuality. He lost a third of a pinkie finger the first time he was late with a payment. He was not late again. They would not be late today. Not for that amount.
There were not many options. His wife needed the car. His son needed the tutor. His daughter needed the transplant. He needed the money. Guys like him always needed the money.
The business model depended on need. Need and reduced oversight. Need, reduced oversight and the market rate for the insides of a 45-year old man with astigmatism and flat feet. Of course that’s more than 837,231 dollars. Of course.
The adjusters would be here soon.
Today, they would have to earn the hazard pay. But, guys like him always pay. Eventually.
Just not today.