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Life Insurance Preying on Elderly
Life Insurance Preying on Elderly
The Life Insurance industry has taken a bad name in the market, especially when it comes to treating the elderly. The current rate of scams in this sector on the elderly is a matter of concern for most people. Sadly, many fraudulent agencies and institutions are ready to prey on the elderly and take advantage of their readiness to move on with their post-retirement life.
Many scammers camouflage themselves as reputed insurance agents with the sole intention of taking advantage of this vulnerable segment of society. Therefore, it is essential to educate your elderly loved ones about how to recognize red flags and how to handle such issues, in case they find themselves falling victim. It is also essential to follow the right practices while selecting and purchasing post-retirement life or burial insurance to safeguard their future. Here are some other ways to avoid the dishonest practices of life insurance scams on the elderly -
Research, the service providers
One of the most common ways that scammers prey on the elderly is by inventing fake insurance companies that mysteriously disappear after they churn out vast sums of money from you. If you want to prevent such instances, you need to take time and conduct thorough due diligence on the company that the agent claims they represent. A real-time company will have a functional website of its own and some listings on the top search engine pages such as Google and Bing. If you cannot find any substantial evidence of their existence, there is a chance that the company doesn't exist.
Researching the agent
It isn't just the company that you need research. As a matter of good practice, once you are sure about the insurance company's legal existence, you must also be sure that the agent claiming to work for the company is also legitimate. You can cross-check their work affiliation on the company's website and through certain third-party websites. Legitimate agents will have a company- affiliated email address. Beware of agents who are utilizing their personal email accounts to conduct business.
Asking about the rate changes
This is another area you need to be cautious of. Many agents prey on the elderly by tweaking the rates of the proposed policy. These predatory providers target the elderly insurance policies and trick them into paying significant hikes in premiums without facing any repercussions. It is important to ensure that before signing documentation to question the agent thoroughly and make sure that they do not change the proposed premium later in the process.
Being careful about the plan changes
Like the volatility of rates, many agents and providers also tend to switch up the policy details after years of being enforced. It is not unusual for them to put age barriers on coverage and insert any other clause without communicating the same to their clients. So, if you are wary of such changes, you can opt to take up the plan(s) with no health questions while choosing for insurance policies.
Conclusion
It might get terrifying to know that scammers are waiting to prey on the elderly; however, going in prepared is the best bet in protecting oneself.
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To know how much life insurance will cost you, get the figures with our free, user-friendly life insurance calculator. No matter if you are still contemplating or have already decided to compare and buy the perfect life insurance for you, it is essential to figure out how much you need and how much it would cost would greatly help you ensure your choice. Utilize our free life insurance calculator and find helpful tips to calculate the cost of the policy that best fit your needs.
Term life insurance is a type of life insurance that is fulfilled for a specific number of years – called as the term, before it expires. If an enrolled individual – the policy holder – dies before the specified term is over, his/her beneficiary, who is typically an immediate family member, receives a death benefit: a tax-free lump sum of money which is used for funeral expenses, pay any unfinished loan or properties bought by the member, or to fulfill other financial obligations of the beneficiary.