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Viatical and Life Settlements
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Scams & Fraud
Viatical and Life Settlements
<font face="arial, helvetica, sans-serif" size="1"><div>Learn what are the lastest list of scams and how you can prevent your identity from being stolen. Protect yourself from scams, whether they be phone scams, online scams or in-person. </div></font>
There are three types of fraud. Beware insurance agents who try to lure you to sign up for new life insurance, which will be sold to investors. Do this and you will be a party to fraud. The inve
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Cat:827966ee-6d39-4ef7-98a5-0157a43092f8Forum:b90a5c24-5453-42fa-b1f5-851b8a98e4aa
Cat:827966ee-6d39-4ef7-98a5-0157a43092f8Forum:b90a5c24-5453-42fa-b1f5-851b8a98e4aaDiscussion:00184a7b-87f9-431c-a1d0-06dd0845a1d6
Forums » Money » Scams & Fraud » Viatical and Life Settlements
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Viatical and Life Settlements
posted at June 11, 2012 9:34 PM EDT
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Posts: 3
First: June 11, 2012 Last: June 11, 2012 |
There are three types of fraud. Beware insurance agents who try to lure you to sign up for new life insurance, which will be sold to investors. Do this and you will be a party to fraud. The investor may be another senior. The policy can be canceled by the insurer, leaving the senior who invested with nothing. Or that senior may sue you, to try to recover the money. The second and most widely known is investor fraud. Never invest in these transactions unless you have the advice of an attorney--someone who does not profit from the transaction. If it costs a few thousand for that advice, you could be saving tens of thousands. The third type occurs when you decide to sell a policy you owned for many years. You will be paid more than the insurer would pay, if you tried to cash out the policy, but rarely will you be paid true fair market value. I have a collection of lawsuits filed by families of deceased insureds and, in one case, by the insured after he learned the agent was paid almost as much as he received. Again, get advice from someone who does not profit from the transacation, someone who works exclusively for you. |
Forums » Money » Scams & Fraud » Viatical and Life Settlements
