Life Insurance Calls: Why Am I Getting So Many?

Life insurance is a valuable financial tool that provides security for loved ones after a policyholder's death. However, the allure of substantial profits from selling policies has attracted scammers and fraudulent brokers who employ aggressive telemarketing tactics, often targeting older citizens. These bad actors employ various schemes, including fake policies, identity theft, and luring customers with attractive premiums before switching them to inferior policies. To avoid scams, it is crucial to be vigilant, verify the legitimacy of offers, and never disclose sensitive information to unsolicited requests. While many robocalls are legal, consumers can protect themselves by registering with the National Do Not Call Registry and using call-blocking apps.

Scammers use spoofed numbers to call

To avoid becoming a victim of these scams, it is important to be cautious of unsolicited calls, emails, texts, or letters from life insurance companies or agents. Do not click on links or attachments in unsolicited messages, as they may direct you to websites that steal your personal or financial information. Be wary of anyone asking for sensitive personal information, such as your Social Security number, passwords, or bank account details.

If you receive a suspicious call, hang up and contact the company directly using the phone number on your policy documents or their official website. You can also verify the legitimacy of the caller by checking if the company and agent are licensed with your state insurance department. Remember, it is uncommon to purchase life insurance over the phone, as it typically requires a life insurance application and sometimes a medical exam.

To reduce unwanted calls, you can register your phone number with the National Do Not Call Registry. Additionally, you can install call-blocking apps on your mobile phone, such as Local.ch, which can help filter out telemarketing calls. These apps are available for various operating systems, including Android, iOS (Apple), BlackBerry, and Windows.

Scammers pretend to work for your insurance company

Be wary of unsolicited offers and cold calls. If you are being pressured to buy a policy immediately, be cautious as purchases are nearly impossible, especially over the phone. To get life insurance, you typically need to complete a life insurance application and sometimes a medical exam.

If you receive a suspicious call, hang up and call the phone number on your account statement or on the company's website to verify the authenticity of the request. Do not provide personal information such as account numbers, Social Security numbers, passwords, or bank information in response to unexpected calls or if you are at all suspicious.

Before purchasing insurance, check with your state insurance department to ensure the company and agent are licensed. Shady insurance agents may use cash bonuses to encourage you to switch policies or buy more insurance, earning them a commission, but the new coverage may be more expensive and restrictive.

Scammers use robocalls to target people

To avoid being scammed, never give out personal information such as account numbers, passwords, or Social Security numbers in response to unexpected calls or if you are suspicious. If you are unsure, hang up and call the company directly to verify the authenticity of the request. Be cautious of unsolicited offers and cold calls, and be wary of offers that seem too good to be true. Before purchasing insurance, check with your state insurance department to ensure the company and agent are licensed. You can also sign up for communications from your insurance company to monitor for any suspicious changes.

To reduce unwanted robocalls, you can register your phone number on the National Do Not Call Registry. You can also install apps that block telemarketing calls, such as Local.ch, or use the call-blocking resources provided by the FCC. If you are receiving scam calls, you can report them to federal agencies such as the Federal Trade Commission and the National Insurance Crime Bureau.

Scammers lure you in with offers to reduce your premiums

Scammers may lure you in with offers to reduce your premiums. They may contact you via phone calls, emails, or text messages. They may pretend to be from a life insurance company or broker and offer you a bargain that is too good to be true, urging you to act immediately. They may also claim that there is an issue with your policy, such as a missing payment, and request your personal or financial information, including your Social Security number, bank details, or credit card information, to fix it. They could also direct you to a fake website and ask you to enter your personal information or download malicious attachments.

To protect yourself from such scams, be cautious of unsolicited contacts and offers that seem too good to be true. Never disclose personal or financial information, such as your Social Security number, bank details, or passwords, over the phone or via email unless you can verify the identity of the requester. Always contact your insurance company directly using the information on their official website or your account statement. Be wary of suspicious links or attachments in emails or text messages, and report any suspected scams to the relevant authorities, such as your state's insurance department or fraud protection services.

Additionally, before committing to a life insurance policy, it is advisable to obtain quotes from multiple reputable insurers to make an informed decision. You can also register with credit reference agencies to monitor your financial agreements and detect any potential fraud.

Scammers pressure you to make quick decisions

Scammers will often try to pressure you into making quick decisions about life insurance policies. They do not want to give you time to think about the offer or to talk to your family and friends about it. They may even threaten that the offer will expire imminently. They may also ask for instant payment, which is nearly impossible, especially over the phone.

Be wary of unsolicited offers and cold calls. The caller may have some of your personal data, which they use to create an illusion of trustworthiness, or to get more of your personal information, such as passwords or PINs for your financial accounts. They may also send you texts pretending to be from a life insurance company, with a link that directs you to a website that asks you to enter your bank or credit card details. These scams are usually an attempt to get your personal information and commit identity fraud.

If you are the victim of a life insurance scam, you can help catch scammers and protect others by reporting the fraud. Gather as much information as possible, including emails, texts, voicemails, phone numbers, letters, details of the fraud, and how much money you lost. Contact your state's consumer protection division or a fraud unit, or federal agencies like the Federal Trade Commission and the National Insurance Crime Bureau. You should also alert your bank and credit card company about the possibility of fraud.

If you receive a suspicious call, hang up and call the phone number on your insurance documents to verify the authenticity of the request. Do not give out personal information, such as account numbers, Social Security numbers, mother's maiden name, passwords, or other identifying information in response to unexpected calls.

Frequently asked questions