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Life insurance cons
Bait and Switch
The group most frequently targeted by this fraud is the old man retired, but that does not mean it can not happen to anyone. Dishonest agents often claim they are selling something, when to buy, in fact, something else entirely.
Never buy a policy without knowing exactly what you get. Read ALWAYS a broker you have the small print. If you are not familiar with a term, or are unsure about the meaning of a passage, ask for clarification. If the agent is not willing to give a profound answer appears or brush the question completely satisfied, you can consider getting a new agent.
Do not be afraid a friend or relative who is more familiar with insurance, if you think that they will be able to help you make better decisions must be taken.
This type of fraud is when an agent calls a client an existing contract with another “twist” to cancel the facts. The agent is another insurance agency in the rule and tries to make a new policy move by misrepresenting any information and current insurance provider and what you offer.
There are times when you where you rushed or pushed to do your insurance, what to do, but avoid situations like this. Also, never get a new policy without first closing the current. Make sure that the new policy is what you need, not what an agent should make more money.
Similar to the phrase (often seen as synonymous terms) involves striking a continuous process into a means to convince a customer to change policy. Waving insurance agents trying to get his commission from existing customers, instead of filling up on the task requires more time to find new ones.
Search agents to their commission (or their pockets) try to fill a “better” system, if it can use the new policy in reality cost their policies under the pretext of more and cover less change. This is illegal. One of the most common tactics is to ensure that it could be used that for other financial needs no additional cost, when in fact, the cash value of your prior plan will be used to pay the new policy money.
If payments on your policy, make sure your money reaches its destination. There have been numerous cases of corrupt officials pockets large quantities of premium your client, instead, the us. This scam is easy to avoid a direct deposit from your insurance company.
NEVER payments through their agents, even if you think they are trustworthy.
In a time where anything and everything is done online, is this fraud a problem. Fraudsters seem to perform complex operations such as insurance providers, when in fact the company until they go missing. Insurance fraudsters are not only active on the Internet, but also directly call home.
To avoid an agreement with a “shell” tricked, always make sure that you do your research. You never have anything to do with a society that does not recognize. Check with your insurance company or the Better Business Bureau State Department to see if the company is licensed and ethics.
If you are asked to send money, recognize it as a big red flag. Any company that wants to rush a decision must be avoided. Stay away from offers that sound “too good to be true,” because it is the most likely case. Provide sensitive information such as credit card number or social security number.
shops / Stacking
So you want to be adequately covered, there is no such thing as too much coverage on your policy. Beware of agents trying to “packages” for sale. Chances are, it is parts of the whole are to have totally unnecessary for you. Do not be to convince a knowledgeable salesperson to buy something that does not really need.
The opposite of this scam is when you say you buy a “comprehensive policy” when they actually get less coverage you need.
The key to avoiding the life insurance fraud is to always know exactly what you are buying. Find an insurance and trust officers. If you think that you are a victim of a scam, do not wait until the damage is done. Confront them and bring a third party in the situation, if necessary.