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Gambling On Seniors

August 28th, 2008 by flanews

State Regulators will decide if stricter rules are needed on a rare life insurance policy called stranger owned life insurance. The insurance targets seniors. It allows an investor to take out a life insurance policy on an older person. The senior can then draw money from the policy. The insurance can pay off big for the investor if the person theyve insured dies soon after the policy is written. Office of Insurance Regulation spokesman Ed Domansky said the insurance could open the door for people to victimize seniors.

Its something thats been out there, I cant say that its not been a prominent thing. Generally the people that market this product market to seniors and often time they tend to victimize senior because theres various tax consequences and other insurability consequences moving forward once a senior has entered into this kind of arrangement, said Domansky.

Thursday, State regulators listened to public comment about stranger owned life insurance. Theyll decide if stricter regulations are needed.

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