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Seniors Swindled by 'Spin Life' Insurance

Marc Sheridan and Don Tolep of Sheridan Wealth Advisors in Bay Harbor, Fla., say they're seeing more seniors facing financial ruin with these loans. They say the Internal Revenue service might be collecting as much as $1 billion in taxes on this income.

It's estimated that more than 10,000 of these "spin life" policies were sold in recent years. It looked like easy money for those willing to "share" their insurable capacity. Now they're learning an expensive lesson. And that's the Savage Truth.

Terry Savage is an expert on personal finance and also appears as a commentator on national television on issues related to investing and the financial markets. Savage's personal finance column in the Chicago Sun-Times is nationally syndicated. She was the first woman trader on the Chicago Board Options Exchange and is a registered investment adviser for stocks and futures. Savage currently serves as a director of the Chicago Mercantile Exchange Corp.
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