Viatical settlements, life settlements and accelerated death benefit riders: How did it all begin
The Life Insurance Settlement Association has helped sponsor a new documentary film that gives the answer.
The film was released by The New Yorker magazine, is a contender for the Oscar in the documentary short film category and can be seen on YouTube.
Matt Nadel, the filmmaker, explored the beginnings of the life settlement industry by looking at early efforts to offer viatical settlements to patients with HIV, the virus that causes AIDS.
When the disease was first identified, and before treatments were discovered, the life expectancy of people with AIDS was only two years.
For many patients with HIV, a viatical settlement made a huge difference in their very shortened lives.
Today, the life settlement industry does not focus on people with terminal illnesses, but the proceeds from a life settlement can still make a meaningful difference in the quality of a person's life.
This is especially true for people with chronic illnesses requiring custodial care and incurring large medical expenses.
If you have a client with big medical bills and a policy that's about to be lapsed or surrendered, or is in financial distress, you owe it to the policy owner to explore the option of a life settlement.
Robin S. Weinberger, CLU, ChFC, CLTC, is the director of national accounts for Life Insurance Settlements Inc. She has been a general agent and director of national accounts for Connecticut Mutual and vice president of marketing for Sun Life of Canada.
Peter N. Katz, JD, CLU, ChFC, RICP, is a life settlement broker and co-director of national accounts with Life Insurance Settlements. He is also a consultant specializing in life insurance advanced sales illustrations, and he has served as an advanced markets attorney and in product development.
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