California Insurance Commissioner Steve Poizner has created a task force for senior issues, and urged California seniors to be informed and cautious when considering their insurance options.
“Many insurance options on the market for seniors can be very beneficial, but a growing number of our state’s seniors are being solicited for products they don’t need, at prices they can’t afford,” Poizner said. “I am committing to protecting vulnerable Californians from being preyed upon by dishonest insurers.”
The California Department of Insurance said it has seen an alarming increase in cases in which California seniors have been targeted by agents, in particular, for unsuitable annuities and long-term care policy sales. The commissioner has called for his Senior Issues Working Group to develop strategies to protect seniors from predatory insurance schemes, and to ensure that seniors more clearly understand their insurance choices.
The Seniors Issues Working Group is composed of more than a dozen CDI staff from virtually every major division of the DOI, will work with state agencies and senior advocacy groups, and will work to develop legislation to further safeguard vulnerable Californians.
A resources section for seniors has been posted on the CDI Web site. For more information, visit www.insurance.ca.gov.
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