Viatical & Life Settlements
                                         consumer information
                                                            

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We do not buy
or sell
viatical contracts

(not the actual cover)

Our Mission
 

"If we keep investors safe, the industry will remain viable. If we keep investors safe, the industry will continue its phenomenal growth. If we make these efforts today, thousands of patients in the decades to come will benefit. They will be able to  die with dignity because informed and caring investors gave them cash for the final days." (p. 183 of the 1998 Investor's Guide)

 

Our main concern always was and continues to be the welfare of people who are seriously ill. We know the good that this industry has done for them. There is no alternative. That is why Congress chose to make viatical settlements tax free to people with life expectancies of twenty-four months or less.

There are many abuses within the industry--abuses of people who sell their policies as well as abuses of investors. If we can help make this industry trustworthy, all the difficulties we have suffered at the hands of sleazy companies will have been worthwhile.

That is why Gloria Wolk agreed to a consulting contract with Mutual Benefits. Had it worked out, she would have been involved in philanthropic activities with Steven Steiner, MBC's vice president in charge of philanthropic endeavors. They had several projects in the planning stage. Gloria Wolk wanted to work with Steven, and had to accept the contract in the name of Mutual Benefits Corp. (rather than just Steven). Although she was not going to be directly involved in viatical and life settlements, it is possible that over time she would have become an ombudsman for the public. At the least, she could have advised the company about needed changes, based on her contacts with investors and viators through the years.

Wolk has acted as consultant to other viatical and life companies and hopes to continue to do so for situations that call on her knowledge and skills. This is a side of consumer advocacy work about which most people are unaware. It certainly does affect the public, if a company strives to improve its operations so as to better serve policy owners who sell and investors who provide the funds that keep the industry growing.

Due to Wolk's efforts, many patients received thousands more from viatical settlement companies. Due to her efforts, would-be investors saved millions, collectively, when they chose not to write checks to companies that sold fraudulent or non-existent policies.

With a firm belief in the value of viatical settlements (and countless stories to support this belief), Wolk's mission is to help the industry become solidly established and respected for the socioeconomic benefits it provides -- so much so that, 20 years from now, people will be shocked to learn of these early wild-west days.

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