Whole life insurance advice: There are two types of whole life insurance fraud carried out by unscrupulous agents you should be aware of. They are termed churning and twisting. What are they are how can you get help if you're a victim? Make sure you know these before you get scammed!
Churning is the fraudulent practice where an agent tricks a whole life insurance policy holder to drain an existing life policy to fund a new one with the same insurer. The agent does this by withholding pertinent information from the insured.
Closely related to this is twisting. This is basically the same thing with churning with the only difference being that the agent makes the policy holder drain an existing policy to buy another from another insurer and not the same insurer.
Be very careful of that agent who has promised you that you could get more coverage with no extra premiumss if you turn in your existing whole life policy. It's a scam so beware.
People who've been so scammed usually get bills for new premiums after they've unknowingly exhausted the cash value in their older whole life insurance policy. This usually happens within a year or two.
Now is there anything you can do if you've been so scammed? Is there also a way you can honestly get more coverage without paying more premuims? Yes, there's help if you've been scammed. I can, however, only show you how to get more coverage without increasing your current premium.
For those who've been ripped off, you can get help from your state's department of insurance or its equivalent. Visit their website or office and you'll get help on what to do.
Many insurance companies have also shown a readiness to compensate victims of such fraudulent transactions. You just have to contact their main office directly and not a branch.
You can pay less for more coverage if you shop right. Yes, the difference in rates between insurance companies for comparable coverings could be as high as $ 2,000 and more. So by getting an insurer that favors your profile more, you can get more coverage for less. Start now by getting as many life insurance quotes as possible.