Viatical Settlement Brokers
Viatical Settlements have basically spawned in to Life Settlements, however many states still regulate this financial product with the label “viatical”. This has kept individuals and companies alive who represent themselves as viatical settlement brokers.
Viatical Settlement Brokers provide info and assistance for selling a life insurance policy for a lump sum in the secondary market for life insurance.
April 16th, 2009 at 6:19 pm
California has a current Senate Bill (SB98) which, if passed, will abolish the current viatical settlement regulations.
What this means is that life insurance agents will be able to – without any training or understanding whatsoever – broker life insurance policies which are technically Viaticals – ie: the insured is terminally ill.
The terminally ill are being set up to be ripped off this way and the tax-free status of their settlement proceeds may be at risk. They certainly will get less money for their policies as well.
We need all viatical brokers and all people in general who want to protect the rights of people living with terminal illness to contact Sacraments and file a letter OPPOSING SB98. The legislative analyst in charge of this is Kenneth Cooley (916) 651-4772.
PLEASE HELP US HELP OTHERS WHO NEED BETTER REPRESENTATION.
Many thanks