Seniors are just as likely as any other citizen to be thinking about making a change to their insurance. Regardless of the type of life insurance under consideration, it is a sad fact that senior citizens are also more likely to be taken advantage of by unethical insurance sales proposals. The increasing complexity of various types of life insurance for seniors makes protecting seniors in the family of the utmost importance. Too often, seniors may be left on their own to make such decisions.

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Regardless of whether you have significant assets at your disposal, or if you are living on a limited and fixed income, as a senior citizen you need to be careful with any financial transaction. The reasons for initial purchase of some types of insurance may no longer be present, making continued coverage the wrong way to use monetary assets. If you are conducting a review of your insurance coverage, be prepared and be warned. You need to know how to protect yourself when considering any change to existing policies or a new purchase of any type of insurance. Here is some helpful information that can help you avoid being scammed or have someone take advantage of your age.

– Have a family member, or independent financial consultant, review any insurance proposals you receive. If approached by an insurance agent, regardless of where or when, only accept insurance proposals for consideration that are given to you in writing. Proceeding in this manner allows you to tell the person offering the insurance that you will have to get back to them after a proper review of their proposal.

– Never let yourself be pressured, for any reason, to make a quick decision on any type of financial matter, especially the change to your current insurance policies, or the purchase of new insurance. Representatives of any company that try to pressure you should be a warning to avoid dealing with that particular company.

– Even after you have had a proposal reviewed if you have any questions, or do not believe you fully understand the transaction that is about to take place, do not sign or agree to anything. You can avoid uncomfortable situations if you have a family member or financial consultant with you at the time to conclude any financial transaction.

– If you follow the suggestions already listed above, you should never end up in a situation where you do not know the people, or company making a proposal to you. If you should be offered something from a new agent or company, make sure part of the review process of any proposal is a complete research on the reputation of the company and people involved. Remember, every state has an insurance commission. They can advise you about which companies are licensed to do business in your city and state.

– Regardless of the type of financial transaction you are considering, make sure you get copies of full disclosure information. This data should advise you of the pros and cons, the possible benefits and dangers that you are facing if you decide to complete the transaction. Any payments or changes in rates of charges, including insurance premiums or reductions of coverage, should be clearly and completely included in full disclosure information. All legitimate investment or insurance agents will be pleased to provide you with all the information you require about seniors’ life insurance.

The bottom line is that, because of your age, you should never complete any type of life insurance transaction, until someone in your family, or a trusted financial advisor has made a review and given their advice, in the form of an approval, for you to go ahead and conclude the proposed transaction.

Chuck Malhab is the owner of and he occasionally writes for popular sites and blogs related to business, finance, insurance…. You can reach him @

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