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DianaW127220
Contributor ⭐
February 5, 2025

Life insurance Fraud

  • February 5, 2025
  • 3 replies
  • 2188 views

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. 

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    3 replies

    S
    Summer2025
    Contributor ⭐⭐
    February 5, 2025

    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.

    papawofboo
    papawofboo
    Community Champion ⭐
    February 5, 2025

    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. 

    Papaw of Boo
    T
    Tonster521
    Community Champion ⭐
    February 7, 2025

    @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.

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