{"id":4485,"date":"2007-07-08T11:56:13","date_gmt":"2007-07-08T11:56:13","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/07\/update_do_insurance_companies_1"},"modified":"2022-03-28T14:16:05","modified_gmt":"2022-03-28T19:16:05","slug":"update-do-insurance-companies-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/update-do-insurance-companies-1\/","title":{"rendered":"Update: Do Insurance Companies Use Scam Artists to Sell Unsuitable Annuities to the Elderly?"},"content":{"rendered":"

\t\t\t\tAccording to the Government Accounting Office (GAO) Americans over 65 hold more than $15 trillion in assets and, with “Baby Boomers” soon reaching retirement age, that figure will likely balloon. As financial firms, including insurance companies, design products aimed at this pot of gold, scam artists lick their chops for a piece of the action. Unfortunately, their paths cross. <\/p>\n

As we very recently reported, a federal judge in Hawaii dismissed a class action suit against Midland National Insurance saying that, because different sales pitches were used by different salespersons, the claims by elderly Hawaiians can not go forward. Meanwhile, regulators warn that scam artists are selling insurance products to the elderly. Thus, it appears that insurance companies can simply look the other way while con artists victimize the elderly using their annuities. [OUR FIRM PURSUES CLAIMS ONE AT A TIME TO AVOID THIS PROBLEM.] <\/p>\n

A NY Times article today reports that a Massachusetts insurance agent became a “certified senior adviser” then advertised this and other credentials to retirees. Yet, he did not mention how easily he received that title: He paid $1,095 for a correspondence course, then took a multiple-choice exam with dumbed-down questions. The agent, and over 18,700 other applicants since 1997, passed the course.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

According to the Government Accounting Office (GAO) Americans over 65 hold more than $15 trillion in assets and, with “Baby Boomers” soon reaching retirement age, that figure will likely balloon. As financial firms, including insurance companies, design products aimed at this pot of gold, scam artists lick their chops for a piece of the action. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3828,3804,3803],"tags":[],"class_list":["post-4485","post","type-post","status-publish","format-standard","hentry","category-annuities-and-insurance","category-class-action-lawsuits","category-senior-investors"],"yoast_head":"\nUpdate: Do Insurance Companies Use Scam Artists to Sell Unsuitable Annuities to the Elderly? — Investor Lawyers Blog — July 8, 2007<\/title>\n<meta name=\"description\" content=\"According to the Government Accounting Office (GAO) Americans over 65 hold more than $15 trillion in assets and, with "Baby Boomers" soon reaching — July 8, 2007\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/update-do-insurance-companies-1\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Update: Do Insurance Companies Use Scam Artists to Sell Unsuitable Annuities to the Elderly? 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