There are currently no individuals that can legally purchase policies in New York State. Do not accept an offer that gives a partial payment or installments. All funds from the sale of a policy must be received at the time of the sale, or the sale violates New York State law. Ensure that the money from a sale goes into an escrow account until the transaction is completed. If you have a group life policy at your workplace, and you plan to leave your job, do not let the policy expire.
Many group policies let employees change to an individual policy within a month of departure.
While Federal law requires that companies inform employees of the privilege of continuing the policy for health insurance, there is no such requirement for life insurance. Your life insurance could expire without your knowledge, and you will be left with no policy. Get at least three offers for your policy. Check with the New York State Department of Insurance and the Better Business Bureau for information on complaints filed against the each of the companies that you are considering. The Better Business Bureau s survey of viatical settlement companies is compiled into a chart.