Content Overview
- Summary
- How To Apply For A Living Benefit: Individual Policy
- How To Apply For A Living Benefit: Group Policy
- If You Have Federal Employees Group Life Insurance (FEGLI)
- What About Confidentiality Of My Medical Information?
- When You Receive Payment For A Living Benefit
- Precautions To Take When You First Contact A Life Insurance Company
How To Apply For A Living Benefit
What About Confidentiality Of My Medical Information?
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There are several sources to consider if confidentiality about your medical condition is a concern of yours: Life Insurance Companies, Purchasing Companies, Brokers and your employer if you have the life insurance through work.
Life Insurance Companies: We have been advised by the American Council of Life Insurance and the Medical Information Bureau that medical information provided to obtain a living benefit is not shared. In addition to practice, to do so may very well be against the law of the state in which you reside.
Purchasing Companies and Brokers: If you live in a state with laws specifically regulating Viatical and/or Life Settlements, the laws generally mandate confidentiality for the purchasing companies and brokers. If you live outside a state which imposes such requirements, you're on your own. To rework an old adage, "Seller beware!"
It is difficult to learn with any great degree of assurance the confidentiality practices of a particular purchaser. However, you can ask a company about its practices and have them put whatever they tell you in writing.
Employer: If you are considering selling a group policy obtained from your employer, you should assume the employer will learn of your condition. Although the insurance company issues the policy, your employer may be the only source of information about how the policy applies to you. For example, if the amount of your insurance is a multiple of your salary, your employer must confirm the amount of your salary before the amount of insurance can be verified. It is also possible that the life insurance company will inform your employer.
If you have a group policy through work and you do not want your employer to know your health condition, tell your broker or the purchasing company about your concerns and ask about the likelihood that the employer will be informed of your particular situation.
In general:
- Feel free to ask each company you consider working with what safeguards it employs to assure confidentiality. Don't be afraid to ask for those safeguards in writing. Also get assurances from the company that it will not contact your employer or beneficiary without your prior consent.
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Read any authorization forms carefully before signing to ensure that you do not give any company authority to contact anyone you do not want contacted.
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