Planet Money · Friday, August 14, 2026
The life settlement industry, which allows people to sell their life insurance policies, began as a compassionate response during the AIDS crisis. A wealthy benefactor helped Scott Page and his partner Greg by fronting money for life insurance premiums, with the expectation of repayment from the policy's payout. This evolved into a complex, multi-billion dollar industry where large financial firms invest in the life expectancies of strangers.
“The market that Frank Sarawsky stumbled into last year, this big complicated secondary market for life insurance, it started out as a very simple deal made in a desperate situation.”
“But then someone else will recognize a new way to make an even bigger buck by tweaking that technology.”
“So Scott realizes he could just make up a story that he'd be financially hurt if Greg died.”