This article is timely and very relevant for the thousands of senior citizens that are victimized every day by insurance companies and their agents. If you are an senior citizen and someone is attempting to sell you a financial or insurance product, including annuities, long term care insurance or a reverse mortgage (to name only a few of the problematic financial products), I recommend that you do the following:
1) take your time and thoroughly investigate what you are purchasing, there should be no rush. If the agent is claiming that it needs to be done quickly, that’s a red flag
2) inform your family and friends and get their independent advice
3) do an internet search to see if there have been lawsuits brought against the company or other public grievances
4) find out if the person visiting your house is an insurance agent, if he/she is and they didn’t give you written notice 24 hours before visiting you that discloses they are an insurance agent their actions violate Calfornia law
5) look the agent or company up on your state Department of Insurance’s website, in California go to http://www.insurance.ca.gov/license-status/
The above are just a few steps you can take to protect yourself from elder financial abuse.