Pension funds bet on death through life settlements

Allegheny and Westmoreland counties are trying to reduce their pension funds' exposure to the volatile stock market through a relatively new type of investment based on life insurance policies.

The two governments' modest investments in life settlements -- buying and selling the rights to the death benefits paid by life insurance policies covering wealthy individuals -- is not common in the pension fund world, where real estate, hedge funds, private equity and other alternative investments have been mainstays for years...

Post-Gazette: Pension funds bet on death through life settlements