Council on Aging Senior Guide 2012 - 108

COUNCIL ON AGING ORANGE COUNTY

Gambling on Death?

Trends in the Buying and Selling Death Benefits
Most people buy life insurance for those who will be left behind when the insured person dies. The proceeds of a life insurance policy are generally intended to provide for family members in the event of the death of the insured person, to pay estate taxes, or to benefit a favored charity. Life insurance benefits typically grow over time through interest rate earnings that are tax deferred, and all the proceeds are generally tax-free to the beneficiary. For many people life insurance is an ideal investment that will benefit their families or their estate years later. Families, heirs, trusts, and charities are said to have an “insurable interest” in the life of the individual, and while they benefit from the insured person’s death are presumed to have a greater interest in the continuation of their life than the death benefits they will receive. In recent years a secondary market has sprung up to buy and then sell the life insurance policies of older individuals by offering the insured person a certain percentage of their death benefit as an immediate cash payment in return for their death benefits. This business arrangement is known as a “life settlement” when an unrelated person with no insurable interest in the life of another buys the
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life insurance policy of that person. Life insurance policies purchased from individuals are generally bundled and sold to investors in the secondary market. Investors then become the beneficiary of the policy, paying the premiums until the insured person dies. By some estimates, more than $10 billion of these death benefits were traded in 2005 through this secondary market (Ziser, 2006). How the practice of ‘life settlements’ began This type of purchase arrangement first appeared in the 1980’s when investors began buying the life insurance policies of people with AIDS. These transactions are known as Viatical Settlements; the word ‘viatical’ comes from the Latin word meaning literally traveling money. Buyers sought out people with AIDS, paid them a portion of their death benefits, and then sold an interest in those benefits to investors. The price of shares sold to investors were, in
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Council on Aging Senior Guide 2012

Table of Contents for the Digital Edition of Council on Aging Senior Guide 2012

Council on Aging Senior Guide 2012
Contents
Introduction
Supervisor Letter of Support
Editor’s Message
Publishers Message
ADRC
1. Healthcare & Care Giving Resources
Business Listings
Non-Profit Listings
Medical Services
Mental Health Services
Adult Day Care Services
Health Support Services
2. Housing Alternatives
Business Listings
Non-Profit Listings
Housing Assistance
Emergency Housing
Home Modifications
Group Residences for Adults With Disabilities
Facilities By City
3. Financial & Legal
Business Listings
Non-Profit Listings
Financial Assistance
Financial Counseling
Legal Assistance
Abuse/Neglect
Consumer Information/Protection
Domestic Violence Programs/Counseling
Licensing & Complaints
Social Security
4. Insurance
Business Listings
Non-Profit Listings
Medicare & MediCal
State Disability Insurance
Social Security
Unemployment Insurance
Medicare Comparison Charts
5. Community Resources
Business Listings
Non-Profit Listings
Senior Centers
Meals and Food Programs
Volunteerism
Transportation
Emergency Preparedness
Hot Lines
Sites
Veterans Services
Support Groups
Services for the Disabled
6. Recreation, Personal Services & Other
Business Listings
Non-Profit Listings
Adult Education
Falls Prevention
Fitness Assessment
Senior Community Opportunities
Council on Aging Senior Guide 2012 - intro
Council on Aging Senior Guide 2012 - Council on Aging Senior Guide 2012
Council on Aging Senior Guide 2012 - Cover2
Council on Aging Senior Guide 2012 - Introduction
Council on Aging Senior Guide 2012 - Supervisor Letter of Support
Council on Aging Senior Guide 2012 - 3
Council on Aging Senior Guide 2012 - Editor’s Message
Council on Aging Senior Guide 2012 - Contents
Council on Aging Senior Guide 2012 - Publishers Message
Council on Aging Senior Guide 2012 - ADRC
Council on Aging Senior Guide 2012 - 8
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Council on Aging Senior Guide 2012 - 1. Healthcare & Care Giving Resources
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Council on Aging Senior Guide 2012 - Business Listings
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Council on Aging Senior Guide 2012 - Medical Services
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Council on Aging Senior Guide 2012 - Mental Health Services
Council on Aging Senior Guide 2012 - Adult Day Care Services
Council on Aging Senior Guide 2012 - Health Support Services
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Council on Aging Senior Guide 2012 - 2. Housing Alternatives
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Council on Aging Senior Guide 2012 - Business Listings
Council on Aging Senior Guide 2012 - 49
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Council on Aging Senior Guide 2012 - Housing Assistance
Council on Aging Senior Guide 2012 - Home Modifications
Council on Aging Senior Guide 2012 - Facilities By City
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Council on Aging Senior Guide 2012 - 3. Financial & Legal
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Council on Aging Senior Guide 2012 - Business Listings
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Council on Aging Senior Guide 2012 - Legal Assistance
Council on Aging Senior Guide 2012 - 103
Council on Aging Senior Guide 2012 - Abuse/Neglect
Council on Aging Senior Guide 2012 - Social Security
Council on Aging Senior Guide 2012 - 106
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Council on Aging Senior Guide 2012 - 4. Insurance
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Council on Aging Senior Guide 2012 - Business Listings
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Council on Aging Senior Guide 2012 - Social Security
Council on Aging Senior Guide 2012 - Unemployment Insurance
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Council on Aging Senior Guide 2012 - Medicare Comparison Charts
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Council on Aging Senior Guide 2012 - 5. Community Resources
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Council on Aging Senior Guide 2012 - Business Listings
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Council on Aging Senior Guide 2012 - Senior Centers
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Council on Aging Senior Guide 2012 - Meals and Food Programs
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Council on Aging Senior Guide 2012 - Volunteerism
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Council on Aging Senior Guide 2012 - Support Groups
Council on Aging Senior Guide 2012 - Services for the Disabled
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Council on Aging Senior Guide 2012 - 6. Recreation, Personal Services & Other
Council on Aging Senior Guide 2012 - 166
Council on Aging Senior Guide 2012 - Business Listings
Council on Aging Senior Guide 2012 - Fitness Assessment
Council on Aging Senior Guide 2012 - Senior Community Opportunities
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Council on Aging Senior Guide 2012 - Cover3
Council on Aging Senior Guide 2012 - Cover4
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