Investigating Suspicious Life Insurance Activity: What You Need to Know
In today’s post, I want to share a concerning experience that my family recently encountered involving unauthorized life insurance policies and potential fraudulent practices. While I’m not an insurance expert, I believe it raises important questions about the integrity of some agents and the security of personal information.
The Issue Uncovered
A few months ago, my wife received an automated notification from New York Life confirming a change of address on a life insurance policy. However, she had never purchased or authorized such a policy with that company. Upon investigation, we discovered that the policy had been initiated by her ex-partner back in 2016. Interestingly, the agent listed on the account was someone familiar — a regular at her ex’s restaurant — who claimed to remember her signing the paperwork. Yet, upon request, that agent only provided one document, which falsely listed her as her ex-husband, a relationship that was never true.
Verification and Red Flags
We requested to see the original signed documents last known to the agent, but he explained they were signed via DocuSign, with no handwritten signature. Reaching out to our state’s Department of Insurance, we obtained multiple forms from different years, each bearing her “signature.” It was evident that the signatures looked suspicious — inconsistent and not matching her handwriting, with her name printed in all caps, which she never does.
Further, an insurance department representative confirmed that her ex had multiple whole life policies on different individuals, suggesting a pattern. They indicated they would investigate further and may request a handwriting sample for forensic analysis.
The Ex’s Response
When my wife contacted her ex about the situation, he refused to discuss it over text or phone, insisting instead that he come to our home to explain. His explanation was unconvincing, but he implied there was no cause for concern, telling us to “not worry about it.”
Possible Motives and Concerns
This raises several troubling questions:
- Could the ex have colluded with an insurance agent to secretly take out policies on individuals without their knowledge?
- Might the agent be complicit, earning commissions and kickbacks while turning a blind eye to questionable signatures?
- Is there a financial scheme at play, where payouts might be made later, with kickbacks involved?
- Or could there be something more sinister lurking beneath the surface?
Next Steps and Ongoing Investigation
We’ve already reported this to the state insurance department, and they’re
