Meek, aging, hypochondriac stage producer J.J. Hobart (Victor Moore), who always thinks he is about to die, is going to mount a new show, but his partners Morty Wethered (Osgood Perkins) and Tom Hugo (Charles D. Brown) lost the money for the show in the stock market. On the advice of chorus girl Genevieve Larkin (Glenda Farrell), they insure J.J. for a million dollars, so that when he dies, they will have the money they need to produce the show. Genevieve's friend, ex-chorus girl Norma Perry (Joan Blondell) is sweet on insurance salesman Rosmer "Rossi" Peek (Dick Powell), and he writes the policy.
When Rosmer's boss, Andy Callahan (William B. Davidson) finds out how old J.J. is, he is afraid he wil not pass the physical, but when Hobart does, Rosmer decides he has to keep J.J. alive as long as possible, to reap the rewards of his sale. On the other hand, Morty and Hugo have everything to gain if J.J. dies, and they try to help things along. When that fails, they talk Genevieve into seducing J.J., but she ends up falling in love with him instead. Rosmer finds out the reason for the insurance policy, and talks his boss, Callahan, into investing in J.J.'s show, to save the company the money it would have to pay if J.J. dropped dead after learning he was broke and could not put on the show. When the show is a success Genevieve and J.J. get married, and so do Norma and Rosmer.
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