The Washington Blade; Friday, February 14, 1997
Peter Freiberg
"What we offer," says Flegel, "is a chance" for people to hear some questions:
Q: "Were you going to cash in a life insurance policy and drop your somewhat-expensive health insurance policy?"
A: "Not a good idea," says Flegel. "Your health insurance policy is worth more to you than just about anything."
Q: "What kind of debt situation are you in, and are [your creditors] going to have access to [the viatical settlement]?"
A: "Usually they will," says Flegel. "I'm in favor of anyone with HIV coming up with any cash they can to use on their own behalf, but I think [the viatical settlement] has been posed as money that comes without any strings attached. People need to be educated about what they're getting into."
Whitman-Walker Clinic will not shop around to get settlement bids for clients, but it does provide a list of companies that viaticate. The clinic will also scrutinize a prospective viatical contract with a client.
"We're not in the business of saying whether it's a good deal," says Flegel. "What we can do is go through the contract clause by clause and ... make sure the client understands the nature of the contract they're about to enter into."
For people with AIDS -- and others with life-threatening illnesses -- David Landay, an attorney and AIDS activist who heads a New York-based viatical settlement and brokerage firm, has written a pamphlet, "Every Question You Need to Ask Before Selling Your Life Insurance Policy." The book can be obtained free by calling (800) 932-0050 or writing to National Viator Representatives, Inc., 56 W. 57th St., New York, NY 10019-3919.
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