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YourLifeSolution.com, a provider of online life insurance quotes, is initiating a campaign to alert the public about a common, but slowly diminishing life insurance scam.
Chicago, IL (PRWEB) February 06, 2014
YourLifeSolution.com is a website that provides instant online life insurance quotes to consumers and doesn't require personal information to be entered in the process. The website is operated by a Chicago-based independent life insurance agent, Eric Smith.
YourLifeSolution.com is alerting the public via the press and through educational materials located on their website of the questionable practice of "stranger owned life insurance" which is also known in the life insurance industry as STOLI. STOLI is defined as when an individual purchases life insurance with the explicit plan to sell, transfer ownership, or make an investor the beneficiary so the investor can potentially earn profits on the internal revenue of the policy or subsequent death of the insured. According to YourLifeSolution.com, STOLI has become less common in recent years as a result of new regulations and the life insurance industry's desire to see the practice ended. "Just a few years ago, here in Chicago, it was common for various advisers to actually invite the elderly to seminars where they explained how a consumer could be paid to put life insurance on themselves, which was more so just a way for a company to invest money within the shelter of the elderly people's life insurance. The practice has been all but banned by life insurance carriers and largely made uncompliant by regulation," said Eric Smith.
YourLifeSolution.com states that anyone being offered an incentive to place life insurance on themselves should reject such an offer, and that in many cases it can jeopardize one's ability to purchase life insurance for their own benefit later on in life. Eric Smith or YourLifeSolution.com has never been involved in a STOLI-based transaction.
Consumers in search of objective information about life insurance, or life insurance quotes, are urged to visit YourLifeSolution.com or call Eric Smith at 888.374.2764.
For the original version on PRWeb visit: http://www.prweb.com/releases/2014/02/prweb11563515.htm
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