Elderly Insurance Fraud
I’m 61 and I have been warned that buying more insurance could be a bad investment. 
I have always considered Life Insurance to be a wise safe and secure place to keep you money. Can you give me some insight on what to do?
Thank you, Homer W. in Arkansas
In our “Golden Years” we strive to find safe and secure vehicles to supplement our retirement benefits. We get serious and somewhat insecure about having enough, how long will we live, what will our medical needs be, and the worries go on and on. These fears can lead those of us who are over 60 to become vulnerable to fraudulent life insurance agents. You are ripe to be statistical victims of Life Insurance Fraud
Let me point out several traps that you can fall into:
- Don’t cash in one life insurance policy to buy an annuity.
- Buy an annuity with a promise of ongoing income.
- Buy a large life insurance policy for investment purposes.
- Don’t be talked into making substantial changes in you existing policy.
- Evaluate your needs and don’t be talked into buying more than you need.
- If it sounds to good to be true, well you know what to do, RUN
You have always purchased insurance because you needed to provide for your loved ones in the event of your death. The investment and accumulated cash value was a bonus on the side. If investment is what you are after, go to an investment councilor. Worrying about the future can cause us to make foolish investments, therefore take due caution by asking a lot of questions and by all means, sleep on it before you make a move.
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