View All Pages

Tips to Avoid Life Insurance Scams

Contact Bayside Insurance to ensure that you are not being taken advantage of my a life insurance scam.

Life insurance scams cost hard working Americans billions of dollars each year. Don’t let your need for affordable life insurance cause you to be a victim. Knowing these tips can help save you money and possibly your identity down the road.

Research Your Life Insurance Company

Do your homework! Just like you would when purchasing a new car. Life insurance is an investment and you want to make sure you have a dependable plan and insurance company. Each state has its own insurance board that regulates all licensed insurance agents and companies. It can be easy to forge licensing paper work so even if your “agent” shows you their license make sure to check with the state board directly.

If you’re looking for a life insurance company in Maryland, check out the Maryland Life Insurance Administration.

Buying Life Insurance Online

You can buy anything online these days, even life insurance. But before you go handing over personal information and your credit card number, make sure you look on the company website to see the states that they are registered in and then check back with the state insurance board to verify their legal registration. Although buying insurance products online may seem like the easier route, it is suggested to speak with an insurance agent directly. You never know who you are dealing with over the internet.

Fake Life Insurance Agents

There are far too many bogus insurance companies and agents out there. You might encounter them online, over the phone, and even on the street. The “agent” will cold call you, give you some bogus deal they are running at that time, then promise to get you a quote. Once they get back to you with what you think at the time is a really great quote, they will ask for your personal information. Name, address, and social security number, which gives them just enough information to steal your identity. Again, it is so important to make sure you are dealing with a licensed agent and company.

Check-In With Your Life Insurance Agent

There are many great life insurance agents out there however, occasionally you can run into a bad one. You can’t always trust that a life insurance agent is going to remain honest either. There are cases in which good agents have gone bad and start stealing money from companies and clients years after they began business. To keep track of your finances, it is a good idea to check in regularly with your insurance agent. If you receive letters in the mail about missed payments or lapses in coverage, consider them red flags.

Never write checks to your insurance agent. All of your payments should be made out to the company directly and sent directly to their payment center.

Know What Life Insurance Products You Are Paying For

Life insurance policies and plans can be very lengthy. It is easy to read over the first few pages and then skim the rest or worse, just skip over them completely while initialing and signing. Unfortunately, there have been numerous cases where bogus insurance agents try to slip something past you in the middle of all of your paper work. Knowing most people do not read through their plan entirely it is easy to slip additional costs and information in.

Take the time to look over your regular statements that come in from your insurance company. Your statement will break down the exact coverage you are receiving so you can see if you are paying for any unnecessary coverage.

Applying for Life Insurance in Maryland

Before agreeing to a life insurance policy and/or products, make sure you know what your needs are. Take into consideration the type of coverage you would like plus the policy you want. Do your research!  Don’t fall for any low cost teasers; they are usually a sure sign of a scam. After you find a dependable insurance company, work with them to make sure you are getting the best coverage for your needs and remember to check in with them occasionally to maintain a positive working relationship.

Bayside Insurance Associates Inc. makes every effort to protect you and your hard earned money. To learn more about the Maryland life insurance products we offer contact a qualified insurance agent today.

For over 30 years, Bayside Insurance has been providing the Upper Eastern Shore with the highest quality insurance products. With convenient locations in Easton and Chester, Maryland, Bayside Insurance is insuring more individuals and businesses every day. We have always been committed to providing you with the best overall customer service in the region and will continue that commitment for generations to come.

Request a Quote