Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Financial Predators Turn to Insurance Products to Target the Elderly

As the baby boomer generation continues to age, financial abuse grows in products like annuities and life insurance, a shift from fraud tactics of years past. 

Historically, unscrupulous advisors have avoided products like annuities and life insurance, but that has changed drastically in recent years. Fraudsters see the potential value in annuities and life insurance, and have ramped up their efforts to capitalize on it.

Even legitimate insurance companies may try to push risky and potentially unwise policies on their clients, like variable universal life policies.

People 65 and older are estimated to hold more than 70 percent of our nation’s personal wealth. No wonder they are a prime target for scammers, especially when you consider the fact that approximately 10,000 people reach this age range daily.

Insurers have had to adapt their products to meet the growing demand, but changes to products warrants a change to the products safeguards as well, and the insurance industry is just now catching on. These safeguards not only need to detect fraud, but prevent it from happening.

What is being done to curb the abuse?

Securities regulators have been strengthening their approach to the elder financial abuse problem by proposing and enacting various laws that aim to both encourage reporting of abuse and preventing it. For example, the Financial Industry Regulatory Authority (FINRA) proposed a rule last year that would require financial firms to do their due diligence to get the name and contact information of a “trusted individual” for each investor. You can read more about those proposals here.

Meyer Wilson Talks About Financial Abuse of the Elderly

Meyer Wilson has many valuable resources on the topic of financial exploitation of our nation’s seniors. To learn more, visit:

If you believe that your elderly loved one has become the victim of financial fraud, contact the securities fraud lawyers at Meyer Wilson for a free case review today.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram