Types of Financial Elder Abuse

Unsuitable Insurance Products

Unsuitable Insurance Products

America’s elders have always been a sales target because they control over $20 trillion.   Watch out for the “Free Lunch,” a common tactic by professionals looking to take your money.   They invite you to a free lunch to “educate” you about the importance of having a living trust or want to explain the benefits of a reversible mortgage.  They may identify themselves as “wealth preservation specialists.”

The real intention is to create fear and make you feel insecure about your life savings.  They obtain your contact information, find out how much money and property you own and then hit you with a sales pitch for an expensive insurance product to “protect” your estate and “secure” it for your children.

The most common insurance product they sell is called an annuity.

There are various types, some fixed and some variable. An annuity is a contract between you and an insurance company in which you make a lump sum payment or series of payments and in return obtain regular disbursements beginning either immediately or at some point in the future.  The goal of annuities is to provide a steady stream of income during retirement.  Insurance companies pay huge commissions to the agents selling their annuities.

Annuities are often unsuitable for elderly folks who need quick access to their money (liquidity).  Annuities tie up your money for several years.  If you need immediate money for healthcare or say a major remodeling of your home to make it more accessible, you will be charged a substantial surrender penalty.

Carefully evaluate any insurance product with a trusted advisor, hopefully one who is not going to make money if you decide to purchase the annuity.
How Professional Predators Target Seniors

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