From Huff Post when Walmart tried this I think it was called Dead Peasant insurance

Rick Perry Sought State Profits From Teacher Life Insurance Scheme

First Posted: 8/25/11 12:21 PM ET Updated: 8/25/11 01:24 PM ET

 

WASHINGTON -- Two weeks before Thanksgiving in 2003, top officials from Texas Governor Rick Perry's office pitched an unusual offer to the state's retired teachers: Let's get into the death business. Perry's budget director, Mike Morrissey, laid out a pitch that was both ambitious and risky, according to notes summarizing the meeting provided to The Huffington Post. According to the notes, which were authenticated by a meeting participant, the Perry administration wanted to help Wall Street investors gamble on how long retired Texas teachers would live. Perry was promising the state big money in exchange for helping Swiss banking giant UBS set up a business of teacher death speculation. Rest of Story: http://www.huffingtonpost.com/2011/08/25/rick-perry-texas-life-insurance-scheme_n_935666.html?page=1