Consumer Alert: Scammers Targeting Seniors in Wisconsin
Madison, WI—Recently, the Office of Commissioner of Insurance (OCI) was alerted to insurance fraud specifically targeting seniors in Wisconsin in exchange for personal information.
In this fraudulent case, recipients received mail requesting personal information in exchange for the potential to qualify for a life insurance product covering thousands of dollars in funeral expenses free of charge.
"Consumers should be suspicious of insurance plans appearing too good to be true; they usually are," said Commissioner of Insurance Ted Nickel. "If you are unsure about an insurance company or agent, stop and verify they are licensed to sell insurance in Wisconsin."
Fake insurance companies or agents defraud consumers by taking money for premiums on bogus policies with no intention of paying claims. Scammers may offer policies at costs that are significantly lower than competitors' prices and may ask for sensitive personal information up front. They might be difficult to reach by phone if there is even a listed phone number. Always find out if the seller represents a legitimate, licensed insurer before purchasing a policy or giving personal information.
Prevent yourself from being a victim of fraud. The best way to protect yourself from insurance fraud is to research the agent and company you are considering.
STOP before giving any personal information, signing any paperwork or issuing payment.
CONFIRM the company and agent is licensed to write insurance in Wisconsin. Licensing information about agents and companies can be found on OCI's Web site at oci.wi.gov or by calling OCI toll free at 1-800-236-8517.
Created by the Legislature in 1870, Wisconsin's OCI was vested with broad powers to ensure that the insurance industry responsibly and adequately met the insurance needs of Wisconsin citizens. Today, OCI's mission is to lead the way in informing and protecting the public and responding to its insurance needs.