With the fast advancement of today's technology, scams are on the rise more than ever. In addition, the major target of scams are seniors. Between unsolicited phone calls, mail, emails and text messages, seniors are being hit with all types of scams and questionable offers. And many of these include offers relating to various insurance programs, such as mortgage insurance, disability, long-term insurance, term-life, permanent life, burial insurance, and probably the most popular, medicare supplemental programs. Now not all of these forms of insurance are necessarily a "scam," but they may just not be right for every senior.
And what can make matters worst are aggressive sales people who may use questionable tactics with seniors. Some seniors tend to be very trusting and can be easily confused. A pitch promising low rates, or extra benefits for heirs or even threats of insurance cancellation are part of the financial minefield facing people in their later years.
That is why it is critical that anyone caring for aged parents be aware of what policies their parents currently have and certainly be involved in any decisions regarding any new coverage they may need. An audit of the seniors current policies could help in determining if there are any unneeded policies, especially if they are costly.
If you are the caregiver of elderly parents or relatives, you may want to consider these measures that can help protect them from potential insurance scams.
Insurance Discussion With Senior - Talk with your loved one about their current insurance coverage and discuss any future needs they think they may have. Encourage them to talk and work directly with you and your insurance agent about insurance issues. Discourage them from responding to phone calls, mail, email and text solicitations and reacting to TV and radio advertising. It might make things easier if you register your parents with Do Not Call and Do Not Mail lists.
Organize Their Insurance Documents - Make sure there is one place, an easily accessible file, where both you and your senior can keep all documents relating to insurance coverage. This should include policies, updated policy notices, receipts of payments and any insurance correspondence.
Audit And Analyze - Go through all of the current insurance policies your loved one has. Check on any expiration dates, past due payments, updates on beneficiaries, and most importantly, whether they have either adequate coverage or unnecessary coverage. Your J.P. Perry Insurance agent will be glad to help you with this process.
Check For Special Insurance Issues - Considering the age and health of your senior, you need to review specific policies. For example, if they are still driving, you need to review their auto insurance. They may not be driving 12 000 - 15,000 miles a year. The value of their car could be less if it is an old car. These are factors that could reduce their auto rates. Then there could be issues with high insurance rates on life insurance or long-term care, if your loved one purchased them in the last three years.
There are many issues you have to consider when protecting your seniors in their later years. Don't let insurance scams be one of those problems. Whenever you need help with insurance issues, you can always contact your J.P. Perry agent.