Life Settlement News » The Journal Times http://www.lifepolicygroup.com/press Life Policy Group News & Press Wed, 17 Nov 2010 08:59:14 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Commentary: Protect Wisconsin Consumers — Stop the Insurance Scams http://www.lifepolicygroup.com/press/commentary-protect-wisconsin-consumers-%e2%80%94-stop-the-insurance-scams http://www.lifepolicygroup.com/press/commentary-protect-wisconsin-consumers-%e2%80%94-stop-the-insurance-scams#comments Mon, 15 Feb 2010 21:33:54 +0000 admin http://www.michaelabraham.net/?p=369 The Journal Times

By: State Sen. John Lehman Racine

Years ago there was a popular television game show called “You Bet Your Life.” Today, unscrupulous scam artists are playing an updated version with a financial scheme targeting seniors, the severely ill and investors using “stranger-originated life insurance.” But instead of fabulous prizes and vacations, victims are left with parting gifts like unexpected tax liabilities, legal bills and problems purchasing life insurance.

The scam is based on “viatical” life insurance transactions. Created to help gravely ill individuals, these agreements allow people to cash in their life insurance policies before the date of maturity and use the funds to cover medical bills or health insurance costs.

Commentary by Life Policy Group:

The sooner all states outlaw STOLI the better it will be for all.

Read the original article here

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