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Listening to the radio one day in 1986, Rob Worley heard a sad story about a man who had been diagnosed with a terminal disease and had tried to sell his life insurance policy at 50 percent of its value to generate some much needed cash. The concept piqued Worley's interest, so he called insurance companies to find out if they had ever had similar requests. The average among the companies was seven requests per week. So was born the viatical settlement industry.
Because Worley had a genuine interest in meeting this obvious need, he started the legal research to find out what he had to do to purchase insurance policies. His efforts drew attention, and, when he finally started his business, several national newsmagazines and television shows were intrigued enough to write about the concept.
Legal maneuvering at both a state and federal level prevented Worley from starting his company until 1989, but many other viatical companies used his policies and procedures as a model. Now the viatical industry is heavily regulated at both State and Federal level.
Rob Worley recognized the need of terminally ill patients to take advantage of the cash available in their life insurance policies and, through careful and thorough investigation, developed ways to make that possible, pioneering the viatical settlement industry. Early on, Worley championed the need to follow all necessary legal requirements to protect the interests of all parties involved in a viatical settlement and thus set the ethical standard promoted by industry leaders.
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