How Seniors Can Prevent Insurance Scams

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How Seniors Can Prevent Insurance Scams
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 Know How Much Insurance Is Necessary

• The sign of an insurance scammer is someone who
  tries to convince seniors to buy more insurance
  than they actually need. Seniors and their loved
  ones should assess their financial obligations by
  adding up their debts and assets. Then subtract
  the amount from what your loved one currently
  owes. Remember to include mortgage, auto, and
  student loans in this figure. The total left
  after subtraction gives a clue about how much
  your loved one should seek for an insurance
  policy.

3
Search for a Trusted Company

• Typically, a company that has been in business
  for years will have established a reputation for
  providing trustworthy services. However, your
  loved one can also opt for a newer company but
  only after doing some research. Check with the
  National Association of Insurance Commissioners
  to find out if complaints have been registered
  against the company, and you can also search
  online for reviews to learn about other peoples
  experiences.

4
Ask for Another Opinion

• Sometimes insurance scams happen to seniors who
  already have life insurance. Often brokers talk
  to seniors about increasing their coverage even
  when they have not experienced a new life event
  that could generate a need. In such cases, it is
  best to ask for a second opinion. There is always
  the possibility a broker is responding to an
  increase in the cost of living or a change the
  senior didnt think would affect his or her
  finances such as a change in property values. 

5
 Make Sure Payments Are Counted

• Sometimes a scammer poses as a broker from a
  reliable company. Always call the company to
  check up on an agent who arrives at your loved
  ones door. If your loved one does purchase a
  policy, he or she will need to double-check to
  find out if payments are going to the company. If
  not, report the broker to the authorities so
  others do not fall prey to the scam.

6
Determine If Insurance Is Still Needed

• There are many times when having life insurance
  makes sense, especially when a senior has
  accumulated debts such as student loans that may
  still be owed after death. However, seniors who
  have paid off all their debts may find life
  insurance payments to be a burden. Your loved one
  may decide to cash them to enhance his or her
  quality of life. Seniors should be aware they no
  longer need insurance so they do not accept a
  policy from an overeager salesman.

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Milwaukee home care assistance

• Visit us at http//www.milwaukeehomecareass
  istance.com/
• Address 215 E Silver Spring Dr.Milwaukee, WI
  53217
• Phone [phone]