Life Insurance Fraud?

Life Insurance Fraud?

Life insurance fraud is a criminal act in which an individual or group of individuals intentionally deceives an insurance company in order to receive a financial benefit or payout from a life insurance policy. This can occur in a variety of ways, from exaggerating or fabricating claims on a policy to providing false information in order to obtain coverage. Examples of life insurance fraud include: Policyholder fraud: This occurs when the policyholder provides false information on a life insurance application in order to obtain coverage, such as exaggerating their health status or providing a false occupation. Beneficiary fraud: This occurs when a beneficiary of a life insurance policy makes false claims in order to receive a payout, such as fabricating the cause of death or providing false documentation. Agent fraud: This occurs when an insurance agent engages in fraudulent activity, such as selling policies to individuals who do not qualify read more
Key Man Life Insurance:  An Important Business Protection Tool

Key Man Life Insurance:  An Important Business Protection Tool

Key man Company life insurance is a life insurance policy that a company purchases on the life of an owner, a top executive, or another employee that is critical to the operation of the business. The business owns the policy and is the beneficiary. The business also pays the premiums.The business owner should ask him or herself: What would happen if that key employee died? Would the business be able to keep operations going and keep the status quo?What financial impact could that death cause?What dollar amount would be needed/wanted if that key employee was to pass? By having Key Man coverage, a business can weather the storm if a key employee passes. The death benefit can be used for Recruiting, hiring, and training a new employeeIf the business can’t be continued, the money can be used to pay off debts, distribute money to investors, and provide severance to other employees There read more
Why Convert Term Life to Permanent Insurance?

Why Convert Term Life to Permanent Insurance?

With everyone’s health on the radar a little more due to Covid, it is important to truly think long term about one’s life insurance.  For some, term insurance will still be satisfactory for what a client is trying to accomplish, which could be protecting lost income or a mortgage.  However, for other clients, it could be an opportune time to look at whether a term conversion makes sense.  With a solid conversion option, a client can choose to keep all or a partial amount of the term coverage that he or she had.  And the beauty of the conversion is that there will be no medical underwriting.  For any client who has had a significant health change, this can invaluable.  A term conversion is a provision that most life insurance carriers offer that allows an insured to convert all or a portion of their coverage to permanent, without having to read more
How to buy life insurance as a couple

How to buy life insurance as a couple

An important part of building a life with your significant other is creating a good financial foundation that can protect each other and your family. Knowing how to buy life insurance as a couple should be a big part of that plan. To find the best coverage for your partner, here are some tips. Buy life insurance for both of you Once you’re married and your lives are bound together, so too is your financial future. Life insurance is a vital component of your financial security. Chances are good that you depend on each other for financial support, and if you have children they also depend on you both. Your spouse can use the life insurance money for a variety of things, including:  Day-to-day living expensesSupporting your childrenInvestments or future incomeThe creation of an extra emergency fundPayments for your final expenses when you pass awayPayments for an outstanding mortgagePayments for read more
What ID-Protection Services Really Do

What ID-Protection Services Really Do

We all hear about the big breaches in the marketplace but what does that mean to us, what can an identity theft protection services actually do to protect us? If these questions have ever run through your mind, you are not alone! But, we should understand these services and what they offer. First! No, Identity theft protection services DO NOT prevent identity theft. The prevention of identity theft is a far fetched idea at this point. You would have to gain/regain control over all of your personal information from every area of your life and secure that information. This, unfortunately, is unrealistic as most of our information is out there already. We provide our Personal Identifiable Information (PII) for almost everything/transaction we do. Our own behavior and the companies we associate with every day are susceptible to breach or mishandling information, putting us all at risk. This alone creates exposure read more