Director Matt Nadel Reflects on Investment Tools and His Father’s Involvement in Oscar-Shortlisted ‘Cashing Out’

Filmmaker Uncovers Complex Legacy of Viatical Settlements in New Documentary

Director Matt Nadel’s latest documentary, Cashing Out, delves into the intricate world of viatical settlements, a financial strategy that emerged in the wake of the AIDS epidemic. Initially, Nadel expected the project to cast his father in an unflattering light. "I was like, ‘I’m going to make a dad-bashing doc. This is perfect,’" he recalled. "I’ll find a bunch of people to say he was the worst and I’ll throw him under the bus."

Nadel’s father had participated in this controversial financial practice, which allowed individuals with life insurance policies to sell them prematurely for cash—at a significant discount—prior to their deaths. This practice emerged when many were left without adequate medical support during a critical period of the AIDS crisis.

“The industry said, ‘We’ll give you 80, 70, 60 percent of the money upfront, depending on how sick you are,’” Nadel explained. “And that industry was derided. The press said it’s so ghoulish, it’s so horrible, it’s so extractive, which I understand.”

However, as Nadel’s research delved deeper, he uncovered a more nuanced narrative. The documentary, which is now available for free on The New Yorker website, portrays how viatical settlements offered a vital lifeline for countless individuals abandoned by both the government and health insurance providers. “They had been sent the message that all that was available for them was suffering and death,” Nadel noted. “But they banded together with their ingenuity and their queer resilience to create a sort of weird loophole-y solution to make it through some of the toughest days.”

Nadel’s exploration highlights his transformation from initial shock to a broader understanding of this challenging chapter in history. “The film charts my journey from the initial, frankly, ‘What the fuck’ moment of learning what this industry was, to the understanding of where this fits into our history and what lessons we need to take from it if we’re going to move forward,” he said.

Scott Page, a key figure in the documentary, was instrumental in pioneering viatical settlements. “I was called every name in the book,” he recalled. “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.”

Matt Nadel’s father, Phil, also appears in the film. Nadel assesses his father’s role as one of many investors during a pivotal time that saw medical advancements, like protease inhibitors, extend lives but simultaneously leave some investors without returns. The film reveals that viatical settlements were only beneficial to those who could sell their life insurance policies, excluding many marginalized individuals, such as transgender people like Dee Dee Chamblee. Chamblee’s story is showcased in the documentary, illustrating her struggle during the AIDS crisis, where she survived against tremendous odds.

"I didn’t go into making this film with any kind of agenda," Nadel reflected. "But as I got to do my research and started meeting people, my questions changed.” He began to consider those without insurance policies, ultimately leading him to include Chamblee’s powerful narrative. Chamblee, who earned a place in advocacy despite facing the near certainty of death, exemplifies the resilience of the LGBTQI+ community during this era.

Nadel emphasized that the viatical industry revealed a profound human impulse: “Even when the world tells you, ‘You’re as good as dead,’ we don’t accept that. We fight for our own lives.”

As the documentary draws parallels to today’s challenges, particularly in the current healthcare landscape, Nadel sees an urgent need for lessons learned from the past. “I really do see this film as an instruction manual from queer history,” he observed. “We have people kicked off Medicaid, and millions may soon see their health insurance premiums skyrocket because of expiring tax credits.”

He reiterated, “This AIDS history, this queer history is not just important for people with HIV. It holds the survival keys to a very pressing reality that we’re all entering.”