topic Re: Life insurance Fraud in Scams & Fraud

Life insurance Fraud

DianaW127220 — Wed, 05 Feb 2025 20:42:29 GMT

Someone has three life insurance policy on my elderly father and the insurance company won't tell me who opened them. I think his landlord did it because the address was in his old apartment he lived in down Stairs . We found out because another company sent him a Letter letting him know that the insurance company was hacked and asking if he wanted free identity theft monitoring because of the hack. Right now I don't know what to do. Can someone please help me with this matter.

Re: Life insurance Fraud

Summer2025 — Wed, 05 Feb 2025 21:07:30 GMT

This is so frightening and I'm so sorry you and your father are going through this. Here's what I found:

How to report life insurance fraud

Contact your state's consumer protection division or fraud unit

File a report with the Federal Trade Commission or the National Insurance Crime Bureau

Gather any relevant documents, such as emails, text messages, phone call recordings, or payment records

Alert your bank and credit card company

I so hope this helps in a small way; please let us know so more can be protected against this terrible ugly crime.

Re: Life insurance Fraud

papawofboo — Wed, 05 Feb 2025 21:20:40 GMT

It might be wrong for someone to do that but I'm not sure it is against the law. You might want to check with police. No telling what they could do if he isn't living with you. They for sure have his SS number.

Re: Life insurance Fraud

Tonster521 — Fri, 07 Feb 2025 10:38:28 GMT

@DianaW127220 Have you looked into Corporate Owned Life Insurance (COLI)? I am including a link that provides some info on COLI https://www.investopedia.com/articles/insurance/12/corporate-owned-life-insurance.asp

COLI is used for Key Employees and can be used to fund retiree health insurance plans. So, you may want to contact your father's past employers regarding COLI.