Six Questions for Your Viaticals Salesperson
By: Source: AARP Bulletin Today Date Posted: 2003-06-24 09:10:30
- Am I assigned as the beneficiary or owner to the policy? Get written evidence of your standing. If you're only a beneficiary and not the owner, the owner may change the beneficiary without notification.
- How will I know where the policyholder is and what the state of his or her health is?
- Did a doctor actually examine the policyholder? If so, was the exam in person, or did the doctor rely on other medical reports?
- Did a qualified professional determine the policyholder's projected life expectancy?
- Who obtains the insured's death certificates and who makes the claim for the death benefits?
- Can the viatical firm prove it has the cash on hand to pay out on my investment? Be sure the firm creates an escrow account with a reputable escrow company (one you've checked out) to ensure the money is available for paying you when your investment comes due.
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