A Minnesota man was found dead in the Republic of Moldova, along with his passport and other identifying documents. His wife traveled to Moldova, confirmed his identity, and received a $2 million life insurance payout. 2 yrs later, their son found his father living abroad under an alias and enjoying his cut of the life span insurance proceeds.
In October 2011, Igor Vorotinov faked his death and split the life span insurance payout together with his wife, Irina. After an anonymous tip and years of investigation, the Federal Bureau of Investigation (FBI) finally trapped Vorotinov in 2018. He pleaded guilty and was sentenced to 41 months in prison. His wife and son had already pleaded guilty to participating in the scam. They were sentenced to 37 months in prison and 2 yrs of probation, respectively.
Not totally all life insurance scams have just as much drama. Some are as simple as being an unscrupulous agent pocketing your premium payments or someone lying on the life insurance application. But it’s a pricey problem. According to the FBI, the total cost of insurance fraud (not including health insurance) is significantly more than $40 billion per year. That costs the common family in the U.S. between $400 and $700 per year in increased insurance premiums.
Shady Agents and Impersonators
Nearly all life insurance agents have a standard goal: to market you a life insurance coverage that fits your needs. But a small number of bad actors prey upon unsuspecting customers.
The scam: The FBI says the most frequent form of insurance fraud is a premium diversion, which will be the embezzlement of insurance premiums. Generally, the insurance agent collects your hard-earned money for insurance premiums but keeps it for themselves. The agent may go in terms of sending you fake documents to produce it appears to be everything is legitimate.
As an example, on Aug. 26, 2023, a Pensacola insurance agent pleaded guilty to wire fraud and money laundering charges linked to selling fraudulent insurance policies and collecting nearly $5 million in insurance premium payments.
How to prevent premium diversion:
- Contact your state department of insurance to be sure the agent is licensed.
- Get all the official documents associated with your coverage, like the policy, endorsements, and declarations.
- If you pay by check or money order, make certain it’s made out to the insurance company, not the average person’s agent or their business. Always look for a receipt.
The scam: A realtor convinces one to withdraw cash value or take the surrender value of your permanent life insurance coverage to buy more life insurance or switch life insurance policies. While the agent gets a commission, your coverage may not be better than your old coverage, and maybe it’s more expensive.
How to prevent fee churning: Don’t buy more life insurance or switch life insurance policies without fully understanding the costs, benefits, and restrictions.
The scam: An insurance agent forges your signature to produce changes to your policy (such as naming themselves as the beneficiary) or takes out a policy without your knowledge to collect commissions.
As an example, on Jan. 25, 2023, a California insurance agent was sentenced to 150 days in jail through work release and ordered to cover $18,252 in restitution. Investigators unearthed that Saul Hinojosa wrote 15 fraudulent preneed burial insurance policies and 13 fraudulent life insurance policies. Hinojosa used his former insurance clients’ identities to take out policies without their knowledge. He collected about $18,000 in commissions.
How to prevent forgery scams: It’s difficult to know when something has been done without your knowledge. Work only with licensed insurance agents and review your policies on an annual basis to verify no changes have been made.
Other forms of life insurance agent scams
Ghost brokers: These are fraudsters who pose as insurance agents and sell fake insurance policies. They’ll often request cash or direct payments. Victims believe they have the best life insurance coverage, and nevertheless, the scam won’t arrive at the light until their beneficiaries try to file a claim. Ghost brokers might advertise cheap insurance on social media and other sites.
Bogus contacts: These scammers pose as insurance agents or representatives of your insurance company and will contact you by phone, text message, or email and say there is a problem with your life insurance policy. They could ask for the money, your Social Security number, and other information.
Beneficiary scam: A scammer contacts you and says you’re the beneficiary of a life insurance coverage from somebody who has recently passed away, but a superb premium balance is preventing them from issuing you a payment. The scammer will ask you to cover the balance. Scammers may scour obituaries to target new victims.
Dubious Applicants and Opportunistic Beneficiaries
Shady life insurance agents aren’t solely to blame for the price of life insurance fraud. Here are a few examples of scams perpetrated by life insurance applicants and bad actors trying to money in as beneficiaries.
The scam: One of the very most common life insurance scams is application fraud, also called policy misrepresentation. In this scam, the fraudster knowingly provides false information on the life span insurance application, such as for instance lying about their health history or concealing other facts. The goal is always to qualify for coverage or lower life insurance premiums.
Potential consequences for policy misrepresentation include:
- Application rejection
- Premium increase
- Claim denial
- Policy cancellation
- Criminal prosecution
- Faked deaths
The scam: Pseudocide is just a fake or staged death. Sometimes pseudocide is employed as a way to money in on a life insurance death payout. In some instances, such as for instance with Igor Vorotinov, a policyholder fakes their very own death so their beneficiary can collect. In other cases, someone might fake the death of an insured person.
As an example, on Sept. 1, 2023, a Georgia woman pleaded guilty to wire fraud for defrauding a life insurance settlement company after falsely claiming she was the recipient of a $250,000 life insurance death payout of a friend’s policy. The problem was that her friend was still alive.
Court documents show Brandi L. Browning contacted a life insurance settlement company and stated that she was the beneficiary of a pending life insurance claim. She offered to market her “right” to a $250,000 life insurance settlement for $217,500 and provided falsified documents to facilitate the scam. Browning faced 20 years in prison to be accompanied by four years of supervised release, a $250,000 fine, and mandatory restitution.
Murder for profit
The scam: This horrifying scam is what it really seems like Someone plots or commits murder for money on the victim’s life insurance policy. While this sort of life insurance scam isn’t prevalent, it will happen.
As an example, in October 2023, a Queens, New York, the man was faced with murder-for-hire and conspiracy to commit murder-for-hire concerning an alleged scheme to collect death advantages from the victim’s life insurance policy.
Per year ahead of the victim’s murder in 2017, Cory Martin and a co-conspirator fraudulently obtained life insurance coverage in the victim’s name. In addition, they made premium payments via money order and a bank card in the victim’s name. If convicted, Martin will face life imprisonment and probably the death penalty.
Best Insurance in Thailand.
Since its inception, COVID-19 has created many global problems for travellers. The situation has worsened, and countries like Thailand have taken swift and effective measures to stop COVID-19 from spreading to their borders and protecting their citizens.
Every country has tried its best to defeat COVID-19. All over the globe, countries have established new borders and implemented new rules and standards to prevent their country from becoming infected again.
Although it has been a difficult year for everyone, you all still want to live your best life.
Travelling these days is easier than ever, particularly in Thailand, because of the ease of travel restrictions.
Thailand welcomes all international travellers, regardless of their vaccination status.
Thai authorities offer an easier and faster way to enter Thailand.
Thailand passes COVID insurance.
To apply for a Thailand Pass and be granted entry into Thailand, you must purchase COVID-19 insurance. You can choose to purchase COVID-19 insurance for medical, travel, or health insurance.
Travellers need to have COVID-19 insurance to ensure they are covered in the event of an infected condition during their trip to Thailand. It covers medical expenses and any other expenses that are related to COVID-19.
Important to remember that COVID-19 insurance can help you budget for your trip to Thailand. The insurance will provide emergency coverage, so travellers don’tdon’t have to worry about it.
Thailand’s COVID insurance coverage is required.
To be valid and accepted by Thai authorities, the COVID coverage that travellers need to purchase must conform to the standards of the COVID insurance coverage.
If you are purchasing COVID insurance, please ensure that the following coverage is included:
Minimum coverage for COVID insurance must not exceed 10,000 USD
COVID insurance coverage must cover medical expenses incurred as a result of medical treatment, hospital stays, and other related costs. COVID-19 related incidents.
Passport to the Best Insurance in Thailand
It is easy to apply for a Thailand Pass. It can be difficult to apply for a Thailand Pass if you upload files or documents with problems.
The 7th step, or the part that covers medical insurance, is the most problematic for travellers applying for a Thailand Pass.
These are some of the problems encountered:
- The coverage provided by Thai authorities for COVID insurance purchased by travellers is not followed.
- Their insurance company provided multiple pages in their insurance certificate. Thailand Pass only requires one file (jpg. jpeg. png) to upload.
- Avoid common problems when applying for a Thailand Pass. It is better to purchase from AXA Thailand Sawasdee Thailand, one of the trusted and recommended travel insurance companies in Thailand.
AXA Thailand: AXA Sawasdee Thailand
AXA Sawasdee Thailand addresses the most common problem when applying for a Thailand Pass. These are the reasons.
Thai Government approves COVID coverage.
AXA Sawasdee Thailand provides comprehensive COVID coverage that meets the standards set by Thai authorities.
It will be clear that the insurance is valid as AXA Sawasdee Thailand ensures that their COVID coverage will be accepted.
1-Page Certificate of insurance
AXA Sawasdee Thailand offers a 1-page certificate of insurance. This policy contains all details about the insurance coverage that will be required for Thai authorities to verify and declare it valid. This will make it easy to apply for a Thailand Pass.
AXA Sawasdee Thailand is another reason to choose AXA Sawasdee Thailand as your insurance company of choice. It offers several benefits for its insured travellers:
Offers insurance alternatives
AXA Insurance Package 1 and Package 2 will allow travellers to choose packages that provide coverage for their Thailand travels.
Be aware that each package is different in terms of its coverage, but they all follow the same standard of COVID coverage as Thai authorities.
Optional COVID Insurance
Travellers have the option to choose their coverage duration. It can be 7, 15, 30, 60, or 180 days. AXA Sawasdee Thailand will cover you no matter how long, or short-term your stay is.
No Waiting Period
The coverage will take effect immediately, regardless of how long it takes. AXA Sawasdee Thailand does not have a waiting period. Travellers can have a great time in Thailand even on their first day.
Includes coverage for asymptomatic cases
AXA Sawasdee Thailand provides coverage for medical expenses, regardless of whether you have an asymptomatic or symptomatic condition.
Other insurance companies do not cover asymptomatic cases.
Includes Coverage during Quarantine Period
AXA Sawasdee Thailand will still cover your needs, even if you are required to remain in quarantine if you test positive.
AXA Sawasdee Thailand-insured travelers will have 24/7 access to the hotline at AXA Sawasdee Thailand. AXA Sawasdee Thailand can help you with any questions or assistance you may need.
If the Thai authorities refuse to accept AXA Sawasdee Thailand, the insured can receive a full refund of premiums. A proof that AXA Sawasdee Thailand is unacceptable must be provided by the insured to AXA. A webpage listing the requirements and a leaflet with the header/logo of the Thai Authorities.
How to buy the best COVID insurance from AXA Sawasdee Thailand
- Online transactions make it easy to purchase COVID insurance.
- To ensure your success in Thailand with your COVID insurance, AXA Sawasdee Thailand is your travel companion.
- Select a package: AXA Insurance Package 1. vs Package 2.
- Buy at AXA Sawasdee Thailand
- You must pay for the package you choose.
- You will receive your policy and insurance certificate via email.
- Apply for Thailand Pass
Thailand Pass Requirements & How to Apply
To enter Thailand, travellers only need their passport and a Thai visa. The QR code will be given only after the traveller has applied for a Thailand Pass.
All travellers must apply for a Thailand Pass to qualify for a QR Code. Follow these steps to apply for a Thailand Pass.
Select a route to Thailand. There are three ways to enter Thailand.
No Quarantine Program – For fully vaccinated travellers
Quarantine Program – for travellers who are not vaccinated
- Complete the “Purpose for Arrival” section with all the necessary information.
- Complete the “Personal Information” section with the required information.
- Upload one file (jpg, JPEG, or PNG) from the ” information page” in your passport.
- Upload one file (jpg.jpeg. or png) of your “vaccination Certificate” or RTPCR test results if you are travelling through the No Quarantine program
- Upload one file (jpg or jpeg) from your confirmed SHA+/ASQ/AQ Hotel Booking for the Quarantine Program.
- Upload one file (jpg, JPEG, or PNG) of your COVID insurance certificate.
- Submit, wait to be confirmed, and you will receive the QR code.
Note: Only travellers who are not found to comply with Thai laws regarding files uploaded will receive their QR codes.
Ideas and Strategies to Increase Your Insurance Sales.
Your top priority as an agent is to learn how to increase your insurance sales. There is greater pressure than ever to do this now. McKinsey & Co. has a disturbing statistic that shows one in four agents will be fired by the end of this year.
This stat can be alarming, but it can also motivate you to look for simple and effective strategies to increase your insurance sales. These are some ways to close more deals, no matter your stage in life.
1. Keep emails brief and to the point
Many data points to the fact that 50 and 125 words are the ideal lengths for a sales email. Your prospect and you will both be annoyed by long-winded messages. Keep your sales messages short and sweet unless you provide high-value resources, answers to specific questions, or both.
2. Know when to cut losses
Nothing is more frustrating than spending a lot of time on a prospect that ends up choosing another option. Consider whether persistence can pay off long-term to increase your insurance sales.
This is a lot that comes from experience. However, as a rule, keep your sales contacts to only four key touches (in any combination of email or phone calls).
These messages should provide additional value for every message. Send the fourth message if you don’t receive a reply. This is your final message. Remind them that this offer is only for a limited time, and thank you for taking the time to thank them.
3. Get Referral Rewards
It’s time to get one if you don’t have one. Agents looking to increase their insurance sales should consider referral rewards programs.
Here are seven steps you should follow when starting one:
- Make a list of your goals.
- Choose from a variety of customer referral sources.
- Make an action plan to reach prospects.
- Refer friends.
- Offer valuable resources to clients for them to share with potential referrers.
- Tracking is a way to track where leads are coming in and who’s sending them.
- Remind people to say thank you for referring you to new business.
4. Get proactive with client outreach
You can and should link your insurance activities with social media. Regular updates via email and frequent posts on social media are great for many reasons.
Your brand will be immediately recognizable by your audience as they see your name and logo daily in their feed. It also serves to build trust between customers, old and new.
It is possible to increase your insurance sales by being an expert and staying at the forefront of thought.
5. Polish your website
Your marketing materials (such as flyers, business cards, etc.) should be viewed with a fresh eye. As if you were a new viewer, look at your marketing materials (flyers, business cards, etc.) and your website. As you look at the marketing materials your customers and current contacts will see, ask yourself some questions.
Do you have any colors that will help reinforce your brand? These colors should be included on your website.
Are you making your copy informative and interesting? Your audience won’t pay attention if you only talk about your services and sell 100% of the time.
Are your photos professional looking and appropriate for your industry? For example, if you are a real estate agent, images can often decide if someone asks about your listing.
The most important question is, “Does your website make it easy to find your contact information and get in touch with you?” This is a big problem that can lead to lost leads.
6. Transform Your Energy to Sales
Knowing how to increase your insurance sales is more about having positive interactions with customers than pitching your product. While some marketing tasks must be completed, they can take up valuable time that you could use for client-focused work that requires your expertise.
One simple way to solve this problem is outsourcing or automating your marketing. It is a good place to start: delegating tasks such as email blasts and Facebook posts to a professional team.
Are you interested in learning more ways to increase your insurance sales? We would love to help you make more time for your business marketing, including email newsletters and social media. OutboundEngine is a great tool to help you grow your insurance company.
Can You Cancel Health Insurance Anytime?
The decision of whether or not to cancel your subscription is simple. Yes, you can. But is it possible to purchase another plan? The answer largely depends on whether you’ve got health or private insurance provided by an employer. Although you can change your health insurance plan anytime, you will not be able to pick the new one during your open enrollment window unless there are specific requirements. Similar is the case with the open enrollment period of a company that isn’t necessarily identical to the state’s open enrollment time. If you’re purchasing insurance privately, you can only buy it during the open enrollment period, which is usually from November 1 through December 15. However, deadlines may differ. The open enrollment period for a particular company could be at any point in the year.
In addition to open enrollment, the only ways changes can be made to an employee health plan are when workers are employed, employees leave the company, and if qualifies as qualifying in the course of their life. If you have any qualifying changes during the year, you’ll have a period of 30 days to make adjustments to your plan. If you do not make changes within this 30-day timeframe, you’ll be required to wait until the company’s open enrollment time ends.
Events that qualify as qualifying include marriage and deaths of spouses, legal separation, annulment or divorce. The change of dependents is also a qualifying change, meaning when you or your spouse gives birth or adopts children, you’ll be able to modify your health insurance plan during open enrollment. If your spouse’s status changes due to their employment status, like going part-time, leaving a job or losing their job, you can modify your health plan during the open enrollment period.
If you move residences and change health plans since your previous health plan doesn’t work in the new location, it is possible to switch health plans during opening enrollment. Certain modifications can’t be made outside of open enrollment. For instance, your child going off to an outside-state college isn’t an excuse to alter your health insurance plan during open enrollment. The change in your health plan is also not allowed beyond the enrollment period when you purchase health insurance on the employer’s insurance plan.
How do I Cancel Obamacare
Let’s suppose you land an offer at work that includes health insurance. You don’t have to purchase coverage through Obamacare’s Health Insurance Marketplace, known as Obamacare or Obamacare, at any time. You are free to end your Obamacare health insurance plan at any time. It is also possible when you’re enrolled in Medicare and want to quit Obamacare. You can cancel your health insurance coverage by visiting Healthcare. It would help if you waited to remove your Marketplace policy until you knew when the new insurance would begin. You could even arrange to end your Marketplace plan precisely on the date the new coverage of your employer begins. You can also terminate your Marketplace plan on the same day you submit your cancellation request.
Do I know how to Cancel Private Health Plans?
Contact your insurance provider and inform them that you are changing your health insurance plan. Are you unsure of the number? Look at the reverse on your card to verify the number.
Review the policy’s cancellation conditions to know the steps you must take. Most companies require you to contact them directly when you cancel your health insurance plan.
Collect all the data you’ll require, including the title of your health insurance plan, the policy number, and any security questions associated with your account. Follow the cancellation procedure according to the instructions of the insurance agent you speak to. Certain insurance companies might ask you to send them an acknowledgement of cancellation.
Record confirmation numbers, your name, the insurance agent you spoke with and the date. Get information about refunds or any prior payments. If you have paid all in advance for a one-year policy and want to cancel the plan before it is up, inquires with the insurance agent if you can be reimbursed for the remaining month. Most insurance companies will grant you a reimbursement.
Do not end your old policies until there is a new insurance policy. Make sure you review the policy. Be sure that it provides you with the coverage you require. Examine your bank and credit card statements to ensure you’re not being charged for your previous health insurance coverage once you have cancelled your health insurance.
Utilizing Short-Term Insurance
If you’ve cancelled your current healthcare plan and a new one isn’t scheduled to start until several months, it’s a good idea to look into a short-term health insurance plan that provides insurance for sudden injuries and illnesses. You can sign up for short-term health insurance at any period of the year, and it could provide you with the short-term health insurance plan you’re seeking.
Find a Medical Plan that matches your Future Health Plan.
Did you cancel your last health insurance policy because it didn’t meet your medical requirements? This time around, you’ll discover a suitable plan for your family and you. Write down all the medical emergencies you require attention to and note down the required prescriptions, as well as the specialists you should consult. These essentials should be covered by the following health plan you choose and at a reasonable cost. When looking for a new insurance plan, the cost of these services must be on the essential list of priorities.
Select a health insurance plan that is best suited to your medical needs and also fits your budget. You’ll be prepared for the coming year. Every year, you’ll need to review your medical requirements. Are you satisfied with your health insurance plan? If so, stay with your plan. If not, it’s time to look at other options. Create a list of the most urgent medical requirements and compare health insurance plans. It will be easy to find the most suitable plan that is right for you and your family after doing an amount of comparison shopping.
Compare health plans offered by various insurance companies before settling on the best plan.
Smart Financial can assist you in comparing health insurance plans offered by private companies without difficulty. So, once you’ve identified the type of health insurance you’re searching for, allow Smart Financial to assist you in finding insurance with the lowest cost. Smart Financial provides access to over 200 insurance providers, so you’re sure to find the health insurance plan price and coverage you’re seeking.
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