Too Good to Be True?
Trust is everything! Our agency does the work required so you have full faith in the process.
As the sole owner of my agency since 1982, and a licensed professional since 1975, I’ve come across almost every business opportunity, solution, and method put out to the general public. Some have great merit although most are nothing short of “swiss cheese”— either full of holes or outright deceptive.
Here are just a few notable bad examples that have been suggested to insurance consumers over the years:
Viatical settlements — selling a life insurance policy if you have a terminal illness
Borrowing against paid up policies at high interest rates
Recommending a high interest insurance policy and then dropping it after a short period of time. This can be a form of money laundering.
These and so many other corrupt situations I’ve seen are detrimental to consumers’ financial health.
Recently government agencies working closely with financial industries have uncovered new schemes and tricks from “bad actors” determined to steal your money. They pose as consumers to cheat the system. Along with a few accomplices within the financial institutions themselves, they cost us all many billions of dollars.
How? Because they go outside of the regular channels of commerce portraying themselves as agents, consumers and corporations to swindle your precious life savings money. In addition, many shady characters will take their time to put together an elaborate ruse to steal your funds by posing as you, creating fake checks, and even stealing your mail!
Just today, I read an article that hundreds of millions of dollars have been recently lost through fake shell companies posing as banks offering high interest rates to depositors. No coverage through FDIC was available to most of the people who were deceived.
A recent article in the New York Times illustrates the sophistication of these scammers:
Your recourse? Only work with a trusted agency. Our agency has the highest rating at the Better Business Bureau and has for many years.*
Don't divulge personal information to someone you don't know well without checking to see if they are legitimate. Make the effort to verify their businesses through reputable sources, such as the Better Business Bureau or government agencies. Confirm that they work for the institutions they claim to represent not by calling the number they provide but by following up through the main number of the company or their secure website. Don’t click on a link sent through email which can lead to a spoof site or install malicious software on your device.
Protect your information including
Your date of birth
Your physical address and email
Your phone numbers
Any personal or corporate tax identifications.
Any bank account information
In addition to your own vigilance, rely on an independent agency that emphasizes compliance and not only sales. My clients have always come first, even when the industry was not as consumer oriented. At our agency, we want everyone to know that our due diligence and compliance with everything related to insurance helps protect you from these scams.
In the past 10+ years, particularly since 9/11, the insurance industry has changed completely. Agents are now required to take refresher courses in compliance, which focus on best ethical practices, anti-money laundering of funds, and compliance to client needs.
Having been licensed for many years, I no longer need to complete these continuing education requirements. I take these refresher courses willingly to be sure I am up-to-date with the current standards and to notify my companies I am in full compliance.
When we make any recommendations for disability, long-term care or life insurance, we will ask you specific questions, including your banking and tax identification information. This is solely for the purpose of getting a quote from the insurance companies for your policy. We zealously guard your personal information, never to be shared or sold to any outside company and only store information on secure and protected servers.
This is to ensure your total safety. We will never accept for these products any cash or like kind instruments that cannot be verified directly to your personal and business finances.
My agency has and will continue to represent our clients with the highest ethical standards. We welcome referrals to those who would benefit from our expertise.
Anyone you know who may consider to share my vision, and help continue my agency well into the future, have them contact me!
*Check out our BBB rating: https://www.bbb.org/us/ma/avon/profile/insurance-agency/michael-wish-insurance-agency-0021-141831