* Refer clients to lisa.org, the website for the not-for-profit Life Insurance Settlement
Association, to help them identify transaction specialists who will comply with all appropriate ethical and regulatory requirements.
But note that North Dakota, West Virginia, Iowa, Nebraska, Florida, Montana, Nevada, Mississippi, Ohio, Kentucky, North Carolina, Tennessee, Connecticut, Indiana, Utah, Kansas, Colorado, and New Jersey refer to all life insurance settlements
as "viaticals" and do not distinguish between the two classes of settlements.
"Life insurance settlements
may increasingly become a core financial planning tool for these seniors as they look at all available assets to produce retirement income and address long-term care needs," Devine added.
Dorsett has also served as president of the Life Insurance Settlement
Darwin Bayston, executive director of the Life Insurance Settlement
Association, said that defining the difference between viaticals and life settlements is an ongoing goal for his organization.
DOUG HEAD, EXECUTIVE director of the Life Insurance Settlement
Association (LISA), flatly denies that STOLI is a problem, and if it is, he says, it's a problem for the life insurance industry to police.
"The life insurance community recognizes that many circumstances may lead the owner of a life insurance policy to explore a life insurance settlement
. We have always supported, and will continue to support, legitimate fife settlements," Hayes said.
* Life Insurance Settlement
The amendments had the support of the Life Insurance Settlement
"Policy lapses in this group are very significant," said Darwin Bayston, president and CEO of the Life Insurance Settlement
Issuer: Legacy Benefits Life Insurance Settlement
Industry organizations, including the Life Insurance Settlement
Association (LISA) and the European Life Settlement Association (ELSA), have launched initiatives to counter these "reputational headwinds." The efforts have yielded some positive results, the report notes, including the establishment of industry standards for recommending structuring life settlements; a clarifying of regulations governing the transactions; and legislation in some states mandating that insurers advise seniors of the option to settle as an alternative to lapsing or surrendering their policies.