Low Cost Insurance

Fraudsters are coming out of the woodwork in these financially difficult times. Beware!

US newspapers are reporting that the elderly among us are now the most likely to become targets due to their eagerness to raise some cash. Life insurance policies are a sure way of doing this. Stranger-orientated life insurance is a means by which many Old Age Pensioners may be losing their money.

In simple terms 'Stranger-Orientated Life Insurance' refers to when a person wishes to sell their life insurance policy for an immediate cash sum. The new owner is then responsible for paying the remaining premiums, but, of course, receives the payout once the previous owner dies. Stranger-orientated life insurance policies are now increasingly being sold solely for the cash benefit, whereas previously it would have more likely been a consideration if the owner, for example, suddenly learned that they had a life-threatening illness.

Here’s an example: an insurance agent offers a significant amount of money but can then modify the policy in order to receive a bigger payout. If this is discovered by the insurance payer, they are then liable to sue and it is the original policyholder who is held initially accountable; most probably resulting in a complex, expensive, and stressful stint at the hands of the courts.