Sale Of A Life Insurance Policy - Frequently Asked Questions

Viatical settlements and Life/Senior Settlements involve the collection of personal information including medical records, insurance data, and other identifying information such as your Social Security number.

While there is no absolute guarantee of confidentiality, there are steps you can take to protect yourself:

• Only select a purchasing company that safeguards the confidentiality of your information and can explain the steps they take to keep your information confidential to your satisfaction.
• If your state you live in requires licensing of purchasing companies, only work with a company that is licensed in your state of residence. Most of these regulations require that personal and medical information be kept confidential.
• The following states regulate Viatical Settlements: Alaska, Arkansas, California, Connecticut, Delaware, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia, Washington and Wisconsin. If your state is not listed, contact your state Insurance Department to learn whether a law has been adopted. (If it has, please let us know at Survivorship A to Z).
• The following states regulate Life Settlements: Alaska, Arkansas, Connecticut, Florida, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Mississippi, Montana, Nebraska, Nevada, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, Utah and Virginia. If your state is not listed, contact your state Insurance Department to learn whether a law has been adopted. (If it has, please let us know at Survivorship A to Z.
• If you live in a state that does not regulate Viatical Settlements or Life Settlements, choose a company that is licensed in other states -- the more states the better.
• Ask any purchasing company that you consider working with what their practices are regarding confidentiality. Ask them to put this information in writing.

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