COLUMBUS, OH (AP) -- The state is warning Ohio seniors about life insurance pitches that can be risky.

State Insurance Director Mary Jo Hudson says older Ohioans should be cautious when considering life settlement arrangements called "STOLI" -- short for Stranger/Investor Originated Life Insurance.

They may involve letting someone buy insurance on your life in exchange for an immediate lump sum payment. Or, you could be offered a life insurance policy for the sole purpose of selling it to a third-party, whether immediately or in the future.

Hudson says many of these arrangements are promoted through predatory sales practices. She says a bill in the Legislature would help protect consumers against such transactions.
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