VIATICAL & LIFE SETTLEMENTS CONSUMER INFO

for Prudent Sellers and Investors

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viatical or life settlement contracts

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who lost loved ones
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Disclosures to Viators

Florida law (enacted 1999) requires certain disclosures to people who sell their life insurance. These disclosures apply if

	the viator is a resident of Florida (even if the company is based outside the state)
	the company does business from a Florida location (even if the viator lives in another state--but only if that other state does not have statutes or regulations to protect viators)
	if viatical companies provide a loan against the death benefit (instead of an outright sale).

The requirement:

"A viatical settlement broker shall disclose to a prospective viator the amount and method of calculating the broker's compensation. The term 'compensation' includes anything of value paid or given to a viatical settlement broker for the placement of a policy."

	This means disclosure should be made when application materials are given to you by the broker -- not with closing papers.
	Compensation may be cash, bonuses, items (e.g. television, hand calculator, cell phone), luxury vacations, etc.

Even if your state does not require these disclosures, you can require them. You also can require disclosure of all commissions paid in transactions involving your life insurance. You can require notification of any resell to investors. Why should they know about you, but you don't know who is invested in your death?

© 1998 - 2009 Bialkin Books, publisher of viatical books banned in Texas and Florida
(at the behest of companies that consider informed consumers dangerous to their bottom line):
Viatical Litigation: Principles & Practice - the first legal text on the industry
Viatical & Life Settlements: An Investor's Guide
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For Consultation/Seminars 1-888-798-BOOK (1-888-798-2665)