Insurance Bet In Blackjack

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I remember reading one of the Grifter's exerts before about how he would bet another player's insurance when the count was high when they weren't going to. Well now that I've thought about it I wanted to do the same thing as well at the casino. I use the hi-lo count and use the indices from the hi-lo lite, just multiply them by 2, so I take insurance when the TC is +4. I have two questions, what is the players edge on taking insurance at +4 (I'm curious how much it will add to my ev). This seems like common sense but I want to confirm that as soon as its worth while to insure my bet I might as well insure the whole tables bets. My second question is, when you approach a situation like this is there a good way of saying to the player 'hey I'll buy your insurance so if you lose to BJ I get your money'. I know that if I just say something like 'I'll pay for your insurance' the player will take it as a friendly gesture and if the dealer gets BJ he'll give me back my insurance bet, keep his bet, and say thanks.
Betting another player's insurance I imagine in the long run will yield a nice addition to one's profit but if you're insuring a lot of player's bets you could see some big swings depending on whether the dealer gets BJ. Also if I lose my insurance bet I at least can still win my hand whereas no BJ means I lose all money on the other player's insurance bets. I'm a bit confused...