Dont let your search for affordable life insurance in the state of Connecticut make you vulnerable to fraud. If you are contacted to purchase a life insurance policy and then immediately sell it, think twice. You may be the target of an insurance fraud.
The National Association of Insurance Commissioners and the Connecticut Insurance Department want policyholders to be aware that the sale of life insurance policies are being perpetrated illegally.
A little background: Insurance companies provide for the selling of life insurance policies. There are two types of sales and they are called life settlements and viatical settlements.
Life Settlement occurs when the owner of a life insurance policy sells it to a third party. The third party now becomes the owner/beneficiary of the policy. The new owner must pay the premiums and thus will collect the benefit when the original policy owner dies (as the original policy owner is still the insured).
Viatical Settlement: Viatical settlement is similar to the life settlement, except the original policyholder is terminally ill.
Why, you may ask, would anyone sell his or her life insurance policy? There...
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