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Life Insurance Fraud

Life insurance fraud is a black eye for life insurers and life insurance customers. Both parties have been guilty of life insurance fraud and will do it again — especially since, unfortunately, by most statistical indicators, fraud appears to be on the rise.

Research by the nonprofit The Coalition Against Insurance Fraud concluded that life insurance fraud committed by all parties costs families an average of $1,650 per year and increases life insurance premiums by 25%.

Insurance fraud is most commonly committed by life insurance companies in the form of “churn” by their agents. This is where the agent tries to cancel your existing life insurance policy and replace it with a new policy paid for by the “juice” or cash value of your existing policy. Agents do this to earn more commissions for themselves without having to find new business prospects. Churn can lead to higher premiums for customers and, obviously, drain their cash value.

However, another type of insurance fraud perpetrated by agents is known as “windowing.” Here, unable to obtain the client or applicant’s signature on the necessary document, but already signed elsewhere, the agent held up a signed document behind the unsigned document, pressing it against the window to Let light pass through and trace the signature over the signature with a pen to forge the signature of the principal or applicant.

It makes headlines when big name insurance companies get their agents to do bad things, but the truth is, the public is far more guilty of insurance fraud than the corporations. Of course, false claims are what they do most often, which is why all claims for life insurance death benefits are subject to investigation.

But misrepresenting background or financial income information is another form of insurance fraud that consumers often engage in. They may be embarrassed about their medical history or income, or they may realize that if they tell the truth, their insurance coverage will be reduced, or their premiums will be very high. If a life insurance company finds out that someone has 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 policy.

But life insurance buyers can take steps to protect themselves from insurance fraud, since they don’t have the extensive investigative resources that life insurance companies have.

Remember, when it comes to life insurance, if it sounds too good to be true, it probably is. There is no such thing as a free lunch.

Keep all your life insurance paperwork, including receipts for every penny you give your agent, and never ignore any notice from your life insurance company.

Life insurance was never free, nor were pension plans, and while some policies did become self-financing – they never started out that way.

Never buy any insurance that you strongly believe is not necessary, never stress yourself out, never borrow money to buy life insurance.

While it can be part of an investment portfolio, the primary role of life insurance is to protect against the unforeseen — most people don’t need life insurance in their later years. It is intended to be temporary.

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