Hartford, CT (PRWEB) March 19, 2008
A bill was approved by a Connecticut legislative panel this week that will crack down on life insurance scams, which is good news for consumers in the Constitution State. PlatinumInsurance.Info, a Web site that offers services to consumers looking for life insurance, wants to inform the public of how these and any other changes to the industry will affect them.
The Connecticut Insurance Committee endorsed the bill, which aims to prevent what's referred to as "stranger initiated" life insurance. This could be term life insurance, whole life insurance or universal life insurance, but in most cases it involves senior citizens. The life insurance scam involves life settlements, where an individual sells their policy to another party for the cash value. They get less than the policy would pay out after death, and the new owner collects the whole benefit after the individual dies. Life settlements are not technically illegal, and are often arranged when the policy holder no longer needs the life insurance or has more pressing financial needs.
The perpetrators of these life insurance schemes often prey on senior citizens who do not understand the ramifications of what they are getting into. Scammers approach the individuals and convince them to purchase life insurance and sell it to investors for an agreed upon amount later on. The "investors" do not have any interest in the life of the consumer, and they would in fact profit at this point. Platinum Insurance does not condone these arrangements when they are done with malice, and the original policy holder does not comprehend what they are doing.
Platinum Insurance is available to provide information and advice about this recent legislation in Connecticut, and other events that affect life insurance throughout the nation. To learn more about Platinum Insurance and their helpful information regarding the life insurance industry, visit http://www.platinuminsurance.info.
About Platinum Insurance:
Platinum Insurance strives to offer the best services for anyone who needs help with life insurance. Their Web site was created for those who want to find out more about life insurance, term life insurance, whole life insurance and universal life insurance. Consumers can find a perfect life insurance policy with experts to help make the right decision.
Every person who thinks about their family and loved ones should get life insurance for their protection. Life insurance allows people to know that their family will be safe if something happens to them, and it can also be used for later emergencies or financial problems. Not many people like to talk about life insurances, but it is something that any person should have. The Platinum Insurance Web site can help consumers to learn more about life insurances and prepare them to find the best policies.
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