THERE ARE PREDATORS OUT THERE OFFERING 'SENIOR LIFE INSURANCE'

ARE THESE ADS FOR SENIOR LIFE INSURANCE NOTHING BUT A SCAM?
It’s amazing how a scam can be legal and convince people.

I watch a TV ad and there’s a responsible looking and personable young spokesliar. He says, “You need to cover final expenses for when you die and now you can do it for as little as $2 a day.” Sometimes you see badly acted and poorly scripted couples, usually black, talking about their upcoming “final expenses.” This is how they get the hook.

He tells you that you are guaranteed eligibility if you are between the ages of 60 and 85. He tells you there’s no medical history or physical information required. He tells you that they’ll pay right away upon your death. Well, if it sounds too good it must be too good to be true. In fact, it isn’t true!

What he infers and even openly says is that your family will be left with your debts after you die. That’s a lie! Unless they have actually co-signed for your debts, they die when you do.

What he doesn’t tell you is that the policy won’t pay off unless you live at least 2 more years. If you die during that time they’ll refund your premiums with no interest. They’ve been gathering interest on your money in the meantime.

I called the company and gave them my age of 69 and asked about getting coverage. For only $2,000 coverage my premium is over $36 a month. That’s nearly $900 paid out in the 2-year waiting period. Hell, you’d do better in a CD or Treasury! It seems that if you want enough coverage for the average funeral [they tout $10,000 as the cost] you’ll be paying hundreds a month in premiums.

So whatta ya do? Try insuring yourself with a reputable insurance company that can insure you even if you are ill and old. Many will insure you for a fraction of that. There are companies out there that have been in business for a hundred years and are totally trustworthy. There are companies out there that can get you that $10.000 of coverage for about a hundred dollars a month and without that 2-year waiting period. In any case, just don’t grab the first offer you see on television. Shop around.

As we get older we often become more vulnerable in person and property. We begin to face our own mortality and this can be an unsettling time for us. This is when we are particularly vulnerable, and this is when that friendly guy in a suit pounces. Rate-lock is their term that simply means what it says, “You won’t receive an increase in premium’. This is a common practice for virtually all life insurance companies.

You are looking for ‘term life’ or ‘return of premium term life’ because these are far better alternatives for all of us in our golden years.

Caviat Emptor, which means “Let the buyer beware.”

I’m Max, and that’s the way I see it!