Life Insurance agents use AIG turmoil to make a buck

Medicare Set-Aside Blog on October 22, 2008 | Posted by

Today, the New York Department of Insurance issued the following circular letter to licensed agents. One can infer from the tone of the letter that the Department has discovered that certain life insurance agents are using AIG’s current difficulties to induce unsuspecting consumers into replace their AIG insurance contracts. By spreading fear, these agents are generating commisions selling replacement products that people don’t need.

I guess that with hedge funds and wall street CEO’s fleecing investors out of millions, the retail insurance agent wants to get in on the action. Whatever happended to making a dollar honestly, by providing products and services a consumer actually wants and/or needs?

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