Many seniors never consider their life insurance agent might be scamming them out of money. While insurance is important for many families, it is quite easy for agents to take advantage of senior clients. Seniors and their caregivers should learn more about how life insurance works and how to avoid scams.
If you are the primary family caregiver for an elderly loved one and need additional assistance providing high-quality elder home care, New Hampshire Home Care Assistance can help. We are a leading home care agency committed to changing the way seniors age.
1. Calculate Financial Needs First
Before contacting an insurance agent, go over your loved one’s finances to determine the size of the policy he or she needs. Sometime even honest agents can try to get clients to increase their coverage, even though most seniors don’t need a policy worth millions. As your loved one looks at different insurance options, encourage him or her to consider factors such as age, health, current debt, and financial dependents.
2. Research Different Forms of Life Insurance
One of the ways companies scam the elderly is by having them “invest” in a new form of life insurance. While some policies do offer a minimal return, they are generally not good investments. Even a modest retirement account can have much better returns than a life insurance policy, and your loved one should be wary of someone who guarantees any money back. Most seniors need nothing more than a basic term or whole life policy with consistent premiums.
3. Avoid Aggressive Agents and Companies
No one likes pushy salespeople, including insurance agents. If a company or agent becomes overly aggressive with sales tactics, it might be time to look for insurance elsewhere. Insurance companies should never call multiple times a week or push seniors to expand their coverage after they have signed the paperwork. They should also be able to provide clear information regarding how and when they will contact your loved one.
4. Get a Second Opinion
Life insurance can be a major investment, and it is always a good idea to get multiple quotes and opinions. Many agents can even match another company’s price to keep someone’s business. In addition to contacting other reputable insurance companies, seniors should speak with a relative or loved one they trust to get a second opinion on their options.
5. Check for Complaints and Bad Ratings
Before signing the final paperwork, spend a little extra time researching the company. Even larger companies with thousands of customers can have multiple complaints or bad ratings due to their practices. Seniors must be sure the company is reputable and puts the needs of its clients first. The company should be able to provide paperwork that clearly states all of its policies and prices.
Families looking to hire a New Hampshire home caregiver can reach out to Home Care Assistance. All of our hourly and live-in caregivers receive extensive ongoing training to ensure they provide the high-quality in-home care seniors need and deserve.
Whether your elderly loved one needs part-time assistance with basic household chores or you need respite from your caregiving duties, the New Hampshire respite care experts at Home Care Assistance are here to help. All of our hourly care services are backed with a 100% satisfaction guarantee, there are no hidden fees in our contracts, and we never ask our clients to sign long-term contracts. Contact us at (603) 471-3004 to learn more about our services and set up a free consultation.