The Birth of the Death Incentive?
Sixty-nine-year-old Bob Fanning may have hit upon a new senior citizen benefit that makes your home a more attractive sell the closer you are to dying, the Chicago Tribune reports.
To stand out from other Wisconsin homes in the real estate glut, Fanning offers this incentive:
The buyer of his home will be named the beneficiary to a 10-year, $500,000 term life insurance policy — if Fanning dies during that time the purchase price of the his home will be covered.
The policy specifies that Fanning can’t commit suicide (unless it’s Gary Becker’s kind of suicide) and nobody can murder him.
Fanning admits he’s in good health, but points out that both his parents and sister died before 79 — he has the medical records ready to prove this to any buyer.
Is this the beginning of a new real estate trend that gives a supreme advantage to the elderly — especially those in poor health — or would this open the doors to a slew of litigation involving forged medical records and “unfortunate accidents,” and discrimination towards the young?
(Hat tip: Kevin Carey)