DEAR HARRY: Some friends and I have been approached by a local lawyer to form a company that will invest in life-insurance policies. The idea is to buy existing policies from owners who need immediate cash, continue to pay the premiums, and get the payoff when the person insured dies. The cash paid will be more than the surrender value of the policies. To hedge against the possibility of people living too long, a substantial number of policies have to be bought. He is asking potential investors to put up $100,000 each. He recently was employed by an insurance company in its legal department and practices insurance law. I have the money available from a municipal bond that was just called. What do you think?