You are here: Home Insurance Sale Of A Life ... Who Can Sell A Life ...
Information about all aspects of finances affected by a serious health condition. Includes income sources such as work, investments, and private and government disability programs, and expenses such as medical bills, and how to deal with financial problems.
Information about all aspects of health care from choosing a doctor and treatment, staying safe in a hospital, to end of life care. Includes how to obtain, choose and maximize health insurance policies.
Answers to your practical questions such as how to travel safely despite your health condition, how to avoid getting infected by a pet, and what to say or not say to an insurance company.

Sale Of A Life Insurance Policy (Viatical, Life And Senior Settlements)

Who Can Sell A Life Insurance Policy?

Next » « Previous


Only the owner can sell a policy.

While the owner and the insured are typically the same, this is not always the case. For example, if your life insurance is group coverage through your employer, it is likely that your employer is the owner of the policy, and thus would need to sign off on a sale of your coverage.

If the owner and insured are not the same, generally the consent of the insured is required.

This is due to the practical requirement that potential purchasers insist on reviewing the insured's medical record in order to make their own assessment of life expectancy. Thanks to the federal law known as HIPAA and many state laws, medical records are confidential and cannot be disclosed without the consent of the patient.

To learn more see, HIPAA- Medical Records.

For a viatical settlement, the insured must have a diagnosis of a serious or life-challenging condition.

In theory, the insured has to have a statistical life expectancy of 5 years or less. The largest market is for people with a life expectancy of two years or less -- depending on the

For a life settlement, the insured must be 70 years of age or older.

In practice, the industry also requires that there be some type of medical condition that shortens the insured's life expectancy.

Please share how this information is useful to you. 0 Comments


Post a Comment Have something to add to this topic? Contact Us.

Characters remaining:

  • Allowed markup: <a> <i> <b> <em> <u> <s> <strong> <code> <pre> <p>
    All other tags will be stripped.