Carlsbad, CA (PRWEB) June 26, 2008
New legislation in Ohio is good for the life insurance industry and for seniors, according to PlatinumInsurance.info. The Web site, which specializes in providing to consumers information about affordable life insurance, has heard concerns about predatory practices in their industry targeted at seniors. With states like Ohio writing legislation to protect seniors, the site has good news to report to consumers.
The governor of Ohio recently signed legislation restricting a predatory practice in the life insurance industry known "stranger-originated life insurance." This is where an investor convinces a senior, or any person who is not expected to live for a very long time, to buy a life insurance policy. After paying the premium on that life insurance policy, the investor will eventually collect all the proceeds when the individual passes away. The legislation defines what a stranger-originated policy is, creates scrupulous disclosure, ensures that elderly people understand what they're getting into, gives them the option to cancel a contract for up to 60 days, and gives the Ohio Department of Insurance and its commissioner a better ability to regulate these practices.
There was already a problem with stranger-originated life insurance policy scams in the 1980s that targeted AIDS patients, which was largely quelled. Practices such as this have negative affects on the life insurance policy holder because the individual might not be able to buy life insurance later because they have maxed out the available amount. And people often receive gifts in exchange for letting the scammer purchase the life insurance policy in their name, but these can have unexpected tax effects.
The team at Platinum Insurance is pleased to see this type of legislation, because it ensures that the "bad apples" in their industry are kept under control. When consumers are taken advantage of by unscrupulous life insurance practices it reflects badly on the entire industry. To learn more about Platinum Insurance or to find the right affordable life insurance company to work with, 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 the perfect affordable 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 affordable life insurance and prepare them to find the best policies.
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