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What if I die shortly after selling my policy?
If you die at any time up to the 15th
day (30 days in some states) after you receive the money from the
provider, the settlement contract will automatically cancel. The provider
will pay the owner of your policy or beneficiaries designated by the owner
in the life settlement contract any proceeds it receives from your policy,
minus any money it already paid for the purchase of your policy and any
premiums it paid to the insurance company to keep your policy current. The
insurance company or the provider should refund any unearned premiums
paid.
What happens after I get my money?
After the provider has paid the owner
for the sale of the policy, they may begin calling to check on the health
status of the insured.
What if I don’t want to be contacted about my health
status?
If you do not want to be contacted about
your health status, you may appoint an adult person or persons to be
contacted on your behalf. That person must be in regular contact with you
and you must give the provider their name, address and phone number. Once
you give the provider this information, they may not contact you unless
they have tried and have not been able to reach your contact person for
more than 30 days. If you need to, you can change your contact person at
any time by sending a written notice to the provider.
How will I know who will be calling me or my contact
person about my health status and how often can they call?
The provider must give you the name,
address, and phone number of the person who will be contacting you or your
contact person(s) about your health status. If your life is expected to
end in one year or less, contacts to check on your health status are
limited to once every 30 days. If you are expected to live for more than
one year, contact is limited to once every three months.
Will the provider be calling my doctor to check on
my health status?
Some providers will use your signed
medical release form to check with your doctor for updates on your health
status. The medical release form tells your doctor that you want your
doctor to give your medical information to the provider, their broker, or
provider representative. If you decide you do not want the provider to
contact your doctor, you have the right to withdraw your medical consent
in accordance with law.
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