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A relatively new type of life insurance that is targeted at seniors is getting a close look from Florida insurance regulators.
It’s called “stranger-owned” life insurance, or STOLI.
The way it works is that an investor or “stranger” takes out a significant life insurance policy on an older person. The investor then pays the premiums and eventually becomes the beneficiary of the policy—usually after a couple of years.
In addition to paying the premiums, the investors also offer cash bonuses and pay the policyholder a lump-sum payment in exchange.
Critics say “stranger-owned” life insurance is nothing more than a scheme by speculators to make big money off the elderly.
Under current state law, people are allowed to sell their life insurance policies. State regulators admit selling a policy can be helpful for people like those with terminal illnesses.
However, the law says that when a life insurance policy is purchased, the person must have an interest in the person insured.
Insurance industry representatives say “stranger-owned” policies are usually done in private which makes it tough to regulate.
The state has concerns and is taking a look at the practice.
The state Office of Insurance Regulation held a hearing on stranger-owned life insurance. Officials are gathering information to decide whether new laws are needed to regulate the practice.
About a dozen states have already passed laws to crack down on those who sell stranger-owned life insurance policies.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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