Steps to Reduce Life Insurance Fraud for Seniors

While stories are mounting regarding the attacks on seniors by scammers and shady financial advisers, their adult children may struggle to figure our how to prevent it from happening in the first place, or at least what they can do to help their aging parents get some form of legal redress with the help a of life insurance fraud lawsuit attorney.

The first step is to talk with a senior about their finances. Many will assign a power of attorney to one of their children or a trusted adviser. However, these documents may only come into effect once the older relative is no longer able to handle their own finances, and that often isn’t a factor for predatory financial advisers. Instead, sons and daughters will want to establish one person who can periodically review investments and retirement accounts.

Signs of potential issues include changes in named beneficiaries or recently signed contracts for variable annuities and other financial vehicles. In the case of the former instance, some fraudsters do not try to immediately rip off senior citizens, but instead will take the payout on a policy after a loved one’s passing. As with this type of life insurance fraud, the details in the paperwork will tell the full story.

If something seems out of place or a relative says that they were not informed of the potential risks, such as excessive fees for variable annuities, consider contacting a local law enforcement agency. While they may not be able to provide much assistance, the existence of a report can help in case a family decides to pursue legal action. In addition, if there is one instance of fraud, there are likely others especially if a single adviser has been trying to sell multiple volatile financial instruments to someone.

Families who think that this has occurred should review their options, including litigation to try and claw back some of the money a loved one lost. To determine eligibility, submit your information at the Life Insurance, Annuities Fraud Class Action Lawsuit Investigation for a no-cost case eligibility review. A life insurance fraud lawsuit attorney will contact you to establish the facts of your potential case and what options you have. While it may be difficult to find out whether or not fraud may have occurred first, it is important to act quickly to improve the odds of obtaining a legal remedy.