7 Steps to use Life Insurance to Get Rich!

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Almost everyone who thinks about life insurance has a moment when they flirt with the idea of getting rich quick by faking their own death.

So if you plan to do that, what do you need to take care of?! Here’s our Quick Quote Protect guide to getting away with it!

Disclaimer: You won’t get away with it, and shouldn’t attempt it. Please don’t try to commit fraud of any type, but do enjoy this article.

1 – Get the best policy

There’s no point putting in all this effort for a small amount of money. You are going to want a good few million pounds (especially if you end up on the run). Life insurance companies will reject a policy which is obviously ridiculous (such as a person who has never earned more than £25,000 a year and with standard outgoings needing a policy for £10,000,000). Ask our advisors to help you work out the most you can realistically apply for (it’s a fairly normal question and won’t seem out of place to ask) - and they’ll help you arrive at a figure that won’t seem suspicious.

If that’s less than a million, we really do recommend finding a better scam. If not, read on!

2 – Be honest

What? I hear you say. Be honest? Why should I do that if I’m trying to scam money?

The simple answer is that insurance companies won’t pay out on a claim where the customer obviously lied on the application! It might put your premiums up a bit to admit the truth if you are a heavy smoker and drinker with a sizable paunch, but you are far more likely to successfully claim if there’s no sign of fraud on the initial application.

Almost 98% of life insurance claims are paid out in full – and false applications are the largest portion of the 2% unpaid, so avoid being part of that statistic and tell the truth!

3 – Trust your beneficiary

Obviously, you cannot have the money from your life insurance paid into your own account, and are going to have to choose someone else to pick up the money on your behalf. Usually, this is a spouse, but it could be a trusted child or a long-time friend. To avoid suspicion, it should be someone who was financially tied to you in the first place, so really a family member is best.

Remember, there’ll be a huge temptation for them to run away with your millions, especially as they will be fully aware that you are a less than scrupulous individual yourself (and have agreed to help you…).

There’s little you can do about it all legally (you are going to be dead, remember), so it’s all down to trust.

Good luck with that!

4 – Wait at least a year

Most insurance policies have a deferment period, or time before which the policy is in place in full. This is mainly to protect the insurance companies against fraud. Be patient and play the long game – but do remember to keep up with your direct debits, as a failure to pay your premiums will quickly result in your policy being cancelled. Don’t worry – think of it as an investment.

5 – Fake your own death

This is probably the hardest part, and as such needs the most thought and preparation. You could try for an accident, but those really are hard to make look authentic. Remember that the police are likely to investigate your departure quite thoroughly and they’re not going to find a body (unless you have a really good way to fake that, DNA, dental records and all).

Perhaps a simple note near a large bridge is what’s best. Make sure you avoid CCTV – always a giveaway. It’s worth noting that life insurance in the UK will pay out for suicide as long as more than a year has passed on the policy.

6 – Hide

A fake beard and haircut might get you a little way, but in the long term you are going to have to be away from anyone who might recognise you – and away from your accomplice. Going to countries that are a little less widespread with their technology, and don’t have the level of CCTV or general security of the UK is a bonus.

You are going to need a passport to cross borders. Think about that in advance – we can’t advise on this matter.

Don’t just jump to a rendezvous with your money (or the person in control of it), but spend a reasonable amount of time establishing your new identity somewhere else – maybe a year or two until that beard stops being fake and you have a decent smattering of the local language.

7 – Relax, enjoy and never come back

Coming back to the scene of the crime (or, in this case, the country) is a big no-no. Once you and your money (and loved and trusted accomplice) are all together and far away, stay that way. Try to avoid anything dumb, like buying a house together or opening a joint bank account. Certainly don’t try for another life insurance policy – that’s just playing with fire!

And avoid coming back into the country with a weak defence like ‘I got amnesia…’ – it’s not going to work.

For more advice on this matter, and all things life insurance, call our team today! They’ll explain everything about getting life insurance to you, and will be sure to explain that trying to commit fraud is a very bad idea that will land you in jail.

Especially if you are silly enough to tell them your plan!