Ohio Puts Restrictions on Seniors Purchasing Policies
June 19, 2008

On Wednesday, the governor has the right to have more restrictions on the foreign life insurance, the practice of investors that the elderly or people with reduced life expectancy, the company insurance - life. The investor pays the premiums, then ask the seizure of goods, if a person dies. It is a frightening when the game is literally a man who "life," said state Rep Jay Hottinger, R-Newark, was the introduction of legislation.

Hottinger investors, more of this policy and the sale of the third. Carly GLICK, the Director of Communications, Ohio Department of Insurance said that the Ministry has received a complaint, but also to be hoped, but it would not. "It is a pre-emptive attack. We have no problems," Glick said. Possibly ... May people do not know what we roots. "

Question must be answered, that the same problem in 1980 when the dam of the investors, the AIDS. The result of various measures in the negative consequences for the elderly. Since this is an expensive, Hottinger, is that the person was not possible to buy life insurance at a later date, because it is the height of the peak.

Elderly are often the exchange of gifts, so that one third for the purchase of life insurance on his behalf, but through these gifts often bad result tax consequences. The law defines what the reasons for the Common Foreign and give the deeper dimension, "says the older people know that in the course of a person is entitled to a maximum of 60 days, and the security, and the Commission on the province by the authority for the regulation of insurance.

People's Party successfully in its Rules of life insurance, but big difference is the place where the money," said Hottinger. "You can change the policy in the eyes of all but the (s) purchased without money." Hottinger, said the conference with concern that the national legislature and led to a declaration of some 20 countries, the time. Ohio law model for many other countries.

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