Filmmaker Matt Nadel's documentary Cashing Out explores viatical settlements, a controversial financial tool from the AIDS epidemic era that provided cash to terminally ill patients but drew accusations of profiteering. Initially intending to critique his father's investments in these settlements, Nadel uncovered a more nuanced story of queer resilience and survival. The Oscar-shortlisted film is available for free on The New Yorker website.
Matt Nadel's journey into making Cashing Out began with a personal revelation about his father Phil's investments in viatical settlements during the height of the AIDS crisis in the 1980s and 1990s. These arrangements allowed policyholders facing terminal illness to sell their life insurance policies to investors for 60 to 80 percent of the face value upfront, providing immediate funds while investors collected the full payout upon death. Nadel initially envisioned the film as a 'dad-bashing doc,' aiming to portray his father negatively, but research revealed complexities.
"Initially, I was like, ‘I’m going to make a dad-bashing doc. This is perfect,’" Nadel recalls. The industry faced harsh criticism, with the press labeling it 'ghoulish' and 'AIDS profiteering.' Yet, as Nadel delved deeper, he found it served as a 'lifeline for thousands of people who were completely neglected by the government' and health insurers. Scott Page, a pioneer in viatical settlements now called life settlements, defended the practice: "I was called every name in the book. But we were fighting for our lives. I knew what I was doing was such an important need to help people live the remaining time they had with some dignity."
Nadel describes his father as a businessman, not a philanthropist: "My dad’s a businessman, and so in his world... this is what he could do." The film's perspective shifted with medical advances like protease inhibitors, which extended lives and left investors bearing ongoing premiums without payouts. It also highlights exclusions, such as trans individuals like Dee Dee Chamblee, who lacked employer-provided insurance. Chamblee, once down to three T cells she called 'the Father, the Son, and the Holy Ghost,' became the first Black trans woman invited to the White House and advocated fiercely despite her circumstances.
Nadel views the documentary as drawing lessons from queer history for today's health care challenges, including rising Affordable Care Act premiums and government retreats from coverage. "I really do see this film as an instruction manual from queer history for how we can all navigate the moment that we’re living in now," he says, emphasizing community banding together amid neglect.
