Political stories from The Roanoke Times - Senate group opts to ban investing on death: "Senate group opts to ban investing on death
General Assembly Notebook
The Roanoke Times
A Senate committee endorsed legislation Monday that prohibits investment pools from profiting off the deaths of strangers.
House Bill 2766, sponsored by Republican Del. Morgan Griffith of Salem, seeks to stop the practice known as 'life insurance- and life annuities-based certificates,' under which investors agree to pay the life insurance premiums on consenting adults.
When the adult dies, a portion of the insurance payout often goes to a charity or nonprofit group specified by the deceased, but only after investors take their share first. "
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