Life guarnatee Fraud

Fraud - Life guarnatee Fraud

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Life assurance fraud is a black eye on both life assurance fellowships and life assurance customers. Both parties have been guilty of life assurance fraud and will be again--especially since, sadly, fraud seems to be on the rise agreeing to most statistical measures.

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Fraud

Research by the non-profit The Coalition Against assurance Fraud concludes that life assurance fraud committed by all parties costs an median household 50 per year and increases life assurance premiums by 25%.

Life insurers are most often guilty of assurance fraud in the form of their agents doing "churning". This is where the agent seeks to cancel your existing life assurance policy and replace it with a new policy that is paid for by the "juice", or cash value, in your existing policy. Agents do this to earn more commissions for themselves without having to seek new prospects for business. Churning can result in increased premiums for a buyer and clearly costs them out of their cash value.

Another assurance fraud practiced by agents, however, is called "windowing". This is where, being unable to attain a client's or applicant's signature on a vital document but already having that signature elsewhere, the agent holds up a signed document behind the unsigned document, presses it against a window to make the light shine through, and traces over the signature with a pen in order to forge the signature of the client or applicant.

When big name assurance fellowships have their agents do bad things it makes big headlines, but the fact is that the public is far more guilty of assurance fraud than fellowships are. And of policy development false claims is the thing they do the most, which is why all claims on life assurance death benefit payouts are branch to investigation.

But falsely stating background or financial earnings information is an additional one form of assurance fraud often engaged in by consumers. They might be embarrassed by their healing history or income, or they may perceive that if they tell the truth they will have their coverage diminished or their premiums will be very high. If a life assurance firm finds out person lied on their application they have the right not to pay the claim or not pay the full death benefit depending on the circumstances and the policy.

But there are things that buyers of life assurance can do to protect themselves against assurance fraud, since they don't have the great investigative resources that life assurance fellowships do.

Remember, when it comes to life insurance, if it sounds too good to be true, it probably is. There's no free lunch.

Save all of your life assurance paperwork, along with getting receipts for every penny you give your agent, and never ignore any notifications from your life assurance company.

Life assurance is never free and it's not a pension plan, although confident policies can honestly become self-funding--but they never start off that way.

Never buy any coverage that you feel strongly is unnecessary, never let yourself be pressured, and never borrow to finance life insurance.

Although it can be part of an investment portfolio, life insurance's number one role is safety against the unforeseen--and most habitancy don't need life assurance in their later years. It is intended to be temporary.

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