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Life Insurance Scams Elderly. Top 10 financial scams targeting seniors. This is unethical and illegal in many states, so be wary if you’re approached about an arrangement like this.
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They usually take place on dating apps or social media. Seniors that purchase a term life policy sometimes discover their term policy was switched for a more expensive whole life policy. That drains the elderly of their retirement funds and government benefits.
These final expenses usually mean funeral costs for when they pass for as much as $15,000 approved.
This strategy is most common among seniors, who may take out a life insurance policy on themselves with the intent of transferring ownership to an investor in exchange for a cash payment. 5 ways to defend against aging parents financial scams and fraud. Financial scams, particularly online, have gotten more sophisticated than ever, putting you and your aging parents at risk. This is unethical and illegal in many states, so be wary if you’re approached about an arrangement like this.