Posts Tagged ‘amount’
Ga. group sentenced for submitting fraudulent claims to AFLAC
January 4, 2012
A group of people in Columbus, Ga., were sentenced recently for submitting fraudulent claims against their supplemental insurance policies with their insurer to fraudulently obtain more than $500,000.
The group was accused of one count each of health care insurance fraud against American Family Life Assurance Co. (AFLAC) in district court in Columbus, Ga.
AFLAC primarily provides supplemental insurance to policyholders who are ill or injured and unable to work. Each defendant submitted fraudulent claims against their supplemental insurance policies with AFLAC to fraudulently obtain funds ranging from $243.75 to $67,105.
Ronnie Moore was sentenced to six months incarceration, ordered to pay restitution in the amount of $53,301.25 jointly and severally with Guillermina Bressler.
Camille Toney was sentenced to three years probation, including home confinement with electronic monitoring, restitution in the amount of $2,100.
Steven Lester was sentenced to serve six months incarceration, ordered to pay restitution in the amount of $61,676.25 jointly and severally with Travis Washington.
Dontavious Dowdell was sentenced to serve six months incarceration, ordered to pay restitution in the amount of $19, 960.25 jointly and severally with Danielle Mahone.
Derrick Jones was sentenced to serve six months incarceration, ordered to pay restitution in the amount of $39,980.
All paid mandatory assessment fees of $100. All except Toney were sentenced to incarceration followed by three years of supervised release.
Life Insurance For Mortgages
December 17, 2011
by Mark Johnston December 16, 2011
A mortgage is the biggest financial commitment anyone will ever have and if the unthinkable ever happened, how would a family cope with a large debt and a reduced income.
Life insurance can be very low on people’s lists of priorities when they are in the process of buying a home.
For those buying a home and taking out a mortgage, life insurance can be an important purchase and most lenders will insist that borrowers take out some form of protection.
Along with general family protection, one of the most common reasons for taking out life insurance is to protect a mortgage loan.
Life insurance may seem like an unnecessary additional cost but it is worth considering seriously. This can be particularly crucial if borrowers have family or other dependents, as it can make sure that they can keep a roof over their heads in the event of the borrower’s death.
In the event of a claim during the term, the life insurance company will pay the policy holders beneficiaries or dependents the sum assured as a tax free lump sum. In short this type of insurance is not that complicated, it is designed to payout a lump sum amount that is sufficient enough to repay a mortgage debt should the policy holder die with in the policy term.
The key options to consider for life insurance cover is the amount of cover a borrower would like and how long the policy should run for. It makes sense to set the amount of cover equal to the amount of debt outstanding on a mortgage and the term length equal to the amount of time the mortgage has left to run.
Monthly payments for these policies are usually relatively low, below are some examples of how little theses costs are:
The Co-Operative charges £13.39 a month, where as the HSBC charges £10.50 a month. These quotes are based on £100,000 life cover for 20 years level term, for a non smoking male aged 35 and in normal health.
Many mortgage lenders and brokers are likely to offer life insurance when a potential home buyer takes out a mortgage with them; this however is not always the cheapest option. According to new research less than a fifth of Britons felt they needed help purchasing life insurance.
There are different types of policies and they work in different ways such as:
Level term assurance: this means the amount covered will remain the same through out the duration of the policy.
Decreasing term assurance: this means as the outstanding loan gets smaller the amount covered decreases too.
Most policies may also include a terminal illness benefit which means that if the policy holder is diagnosed with a terminal illness then the policy will still pay out on death, even though the insurer knows beforehand that they are ill.
A wavier premium is also sometimes included in a policy for free, which means if a policy holder became involuntarily unemployed or too ill to work then the life policy payments would still be paid even though the holder may n
Story link – Life Insurance For Mortgages
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AFLAC fraud convicts sentenced – WALB
December 14, 2011
Columbus, GA -
Information from Michael J. Moore, United States Attorney for the Middle District of Georgia
Five people were sentenced by Clay Land, United States District Court, in Columbus, on December 8 on one Count of Health Care Insurance Fraud against American Family Life Assurance Company, also known as AFLAC.
- Ronnie Moore was sentenced to serve six months incarceration, ordered to pay restitution in the amount of $53,301.25 jointly and severally with Guillermina Bressler, to be followed by three years supervised release, and a mandatory assessment fee of $100.00;
- Camille Toney was sentenced to three years probation to include home confinement with electronic monitoring, ordered to pay restitution in the amount of $2,100.00, and a mandatory assessment fee of $100.00;
- Steven Lester was sentenced to serve six months incarceration, ordered to pay restitution in the amount of $61,676.25 jointly and severally with Travis Washington, to be followed by three years supervised release, and a mandatory assessment fee of $100.00;
- Dontavious Dowdell was sentenced to serve six months incarceration, ordered to pay restitution in the amount of $19, 960.25 jointly and severally with Danielle Mahone, to be followed by three years supervised release, and a mandatory assessment fee of $100.00;
- Derrick Jones was sentenced to serve six months incarceration, ordered to pay restitution in the amount of $39,980.00, to be followed by three years of supervised release, and a mandatory assessment fee of $100.00;
The defendants submitted fraudulent claims against their supplemental insurance policies with AFLAC to fraudulently obtain funds ranging in various amounts. While AFLAC engages in various types of businesses, its primary function is to provide supplemental insurance (health care benefit program) to policyholders who are ill or injured, or both, and are unable to work.
United States Attorney Michael Moore said, “We remain committed to prosecuting cases of health care insurance fraud. By fighting fraud on a local level, U.S. Attorneys can make a difference nationwide.”
The case was investigated by Special Agent David Whitlow, Federal Bureau of Investigation and prosecuted by Assistant United States Attorney Verda Colvin.
Men say worth twice as much as women
December 7, 2011
Men say worth twice as much as women
Tuesday, December 06 10:43:04
New figures released today reveals that Irish men and women vary greatly on the monetary value they put on their lives, with men believing they are worth twice as much as women.
The study from life assurance provider Caledonian Life also shows that this differential is greatest for those in their 50′s.
It looked at individual life protection cover policies taken out and in turn, compared the different levels of cover on these policies , between men and women of different ages.
Mortgage protection polices were excluded from the study.
“Our research shows that the men of Ireland typically insure themselves for double the amount of cover females do. And while the differential is relatively small to begin with (35pc in age 30-39), it grows with age and hits its peak in the age 50-59 category. In this cohort, men have Life cover in place of over two and a half times the amount of women of a comparable age,” said Greg Dyer, Head of Sales and Marketing at Caledonian Life.
He said that the results also showed that men in this case are the mainstay of life cover sales, as they were both more likely to insure themselves and to select a far higher sum assured. In the total pool analysed, 64pc of all single life policies were taken out by males.
Another notable feature of the findings is the low level of cover many people have in place, said Mr dyer.
“For example, E178,000 is quite a worringly small amount of Life cover for a woman in her 50s. In this day and age, many women of that age still have dependant children and often debt in the form of overdrafts, personal loans and so on. If they are a stay at home parent other costs will arrive if they were to die, such as additional childcare. It’s not a thought any of us like to dwell on of course, but this average amount of Life cover would not go a very long way – as a case in point, a E200,000 Life cover payout would only last 4 years and four months for a family with monthly income requirements of E4,000.”
“Interestingly, whether people work outside the home or not doesn’t appear to have significant influence on the level of cover.”
Caledonian say that they considered whether the fact that women typically pay less for life insurance didn’t appear to influence the decision making process.
“While it’s difficult to say what the reasons are behind this gender gap some thoughts from our experts and brokers would be the salary gap: Men still earn considerably more than women – Women’s income in 2007 was around two-thirds of men’s income. Also there are more stay-at-home Moms than Dads and many of these unfortunately do not take out life cover. If they are a stay at home parent, they do not realise the costs of replacing all the tasks carried out by the typical stay at home mother – which could be over E50,000. Families focus on having life cover in place on the Dad, as unfortuntely they have shorter life expentancies.”
Posted in Life Assurance Information | 
Tags: amount, comparable age, cover, dependant children, greg dyer, home, irish men, Life, Life Assurance, life policies, monetary value, mortgage protection, personal loans
Men say worth twice as much as women
December 7, 2011
Men say worth twice as much as women
Tuesday, December 06 10:43:04
New figures released today reveals that Irish men and women vary greatly on the monetary value they put on their lives, with men believing they are worth twice as much as women.
The study from life assurance provider Caledonian Life also shows that this differential is greatest for those in their 50′s.
It looked at individual life protection cover policies taken out and in turn, compared the different levels of cover on these policies , between men and women of different ages.
Mortgage protection polices were excluded from the study.
“Our research shows that the men of Ireland typically insure themselves for double the amount of cover females do. And while the differential is relatively small to begin with (35pc in age 30-39), it grows with age and hits its peak in the age 50-59 category. In this cohort, men have Life cover in place of over two and a half times the amount of women of a comparable age,” said Greg Dyer, Head of Sales and Marketing at Caledonian Life.
He said that the results also showed that men in this case are the mainstay of life cover sales, as they were both more likely to insure themselves and to select a far higher sum assured. In the total pool analysed, 64pc of all single life policies were taken out by males.
Another notable feature of the findings is the low level of cover many people have in place, said Mr dyer.
“For example, E178,000 is quite a worringly small amount of Life cover for a woman in her 50s. In this day and age, many women of that age still have dependant children and often debt in the form of overdrafts, personal loans and so on. If they are a stay at home parent other costs will arrive if they were to die, such as additional childcare. It’s not a thought any of us like to dwell on of course, but this average amount of Life cover would not go a very long way – as a case in point, a E200,000 Life cover payout would only last 4 years and four months for a family with monthly income requirements of E4,000.”
“Interestingly, whether people work outside the home or not doesn’t appear to have significant influence on the level of cover.”
Caledonian say that they considered whether the fact that women typically pay less for life insurance didn’t appear to influence the decision making process.
“While it’s difficult to say what the reasons are behind this gender gap some thoughts from our experts and brokers would be the salary gap: Men still earn considerably more than women – Women’s income in 2007 was around two-thirds of men’s income. Also there are more stay-at-home Moms than Dads and many of these unfortunately do not take out life cover. If they are a stay at home parent, they do not realise the costs of replacing all the tasks carried out by the typical stay at home mother – which could be over E50,000. Families focus on having life cover in place on the Dad, as unfortuntely they have shorter life expentancies.”
Health and life insurance: how much cover do you need?
November 26, 2011
If you are planning to buy a life or health insurance policy and are not sure how much is enough, here is a quick guide to help you out.
Life insurance
The general thumb rule says that you should not have less than 8-10 times your gross annual income as life insurance cover.
So, if your annual gross salary is Rs 1 lakh, then you should take R8-10 lakh insurance. Anything less means you are under-insured, which means in case of your death, your dependants may not have adequate funds. Keep in mind that while going in for a life insurance policy, a term plan is the best bet.
Health insurance
There is no thumb rule to guide you about the amount of health insurance you need. Financial planners say that keeping in mind the average cost of major surgeries these days, a cover of R4 lakh is good enough. Also, if you are covered by your employer for say Rs 2 lakh, you can go in for an individual health policy of another Rs 2 lakh, provided that you work at a reputable company and don’t change jobs frequently.
If you have a family, you can top up your individual policy with a family floater. Keep in mind that even though a family floater policy covers all the members of the family, even if you make a claim for one member of the family, the amount that was claimed will reduce the sum insured by that much. For instance, if your family floater policy offers a sum insured amount of R3 lakh and one member makes a claim of Rs 1 lakh, the sum insured for the rest of the year would be reduced to Rs 2 lakh.
What should you do?
The above-mentioned figures do not take into account your specific individual situation. These one-size-fits-all thumb rules come handy when you don’t have immediate access to the Internet and your agent is trying to sell you a insurance policy. There are many online insurance amount calculators, available on the website of insurance companies that can provide you an in-depth view of the total life insurance amount you need based on your age, life stage and lifestyle.
N.J. man pleads guilty in $670 million life insurance scam
November 23, 2011
A New Jersey man pleaded guilty Monday in federal court in Richmond to conspiracy to commit mail and wire fraud in a global, $670 million scam involving life insurance settlement investments.
Jorge Luis Castillo, 56, was the “outside auditor” of Provident Capital Indemnity LTD, an insurance company registered in Dominica with business operations in Costa Rica.
A small man wearing a jail jumpsuit and ankle shackles, Castillo pleaded guilty before U.S. District Judge John A. Gibney Jr. and is facing up to 20 years in prison when sentenced on May 22.
Authorities said Castillo was born in Dominica but is a naturalized U.S. citizen. He lost his New Jersey certification as a certified public accountant last year.
Neil H. MacBride, U.S. attorney for the Eastern District of Virginia, said the scam had “thousands of victims around the world … truly stunning in scope.”
“A lot of people lost their life savings to life settlement companies as a result of worthless securities,” said MacBride. “We are still analyzing the full extent of the fraud. He admitted responsibility for as much as $50 million in (illicit) profit that when to PCI.”
Castillo and Minor Vargas Calvo, the president and majority owner of PCI, were named in a 10-count indictment last month alleging wire and mail fraud, wire and mail fraud conspiracy and money laundering.
Vargas, 60, was arrested on Jan. 19, at John F. Kennedy International Airport in New York and is being held pending his trial, which is set for Feb. 13.
Jessica Aber Brumberg, an assistant U.S. attorney, told Gibney on Monday that because it is a complex case with a second defendant, authorities are still working to determine how much restitution Castillo should be required to pay.
The “vatical,” or life settlement business, has been driven in large part by people with AIDS and older people who need money and believe they no longer need their policies. The business has drawn attention from securities and insurance regulators in many states over its marketing methods.
According to the indictment, life settlement companies buy life insurance policies from people who sold them for an amount less than the value to be paid at death.
Once a policy is sold, the seller — the original beneficiary — is no longer responsible for paying any premiums due and the longer that person lives, the less profit for the life settlement company.
Investors only realize a profit if the total amount invested in the policy and additional premium costs they must pay are less than the death benefit.
Starting in 2004, PCI began selling what it called “life expectancy guarantee bonds” to life settlement investment companies that sold them to investors.
The guarantee bonds meant that PCI promised that if the insured lived beyond their life expectancy, PCI would pay the full amount of the life insurance policy to the investor. PCI would then assume ownership of the policy and be responsible for making any premium payments necessary to keep the policy in force.
Purchasers of PCI’s bonds paid a premium up front of 6 percent to 11 percent of the face amount of the underlying settlement. PCI’s guarantee was an important marketing tool for life settlement companies’ sales of their investment offerings to investors.
PCI is alleged to have used false audits, financial statements and other claims to potential clients from 2004 through 2010 as it sold $670 million in financial guarantee bonds to life settlement investment companies in the U.S. and countries around the world.
During that time Castillo provided PCI with an annual “Independent Auditors Report” even though he never performed an audit of PCI’s financial statements but instead “created” the financial statements he claimed to be auditing, prosecutors said.
Castillo was paid about $85,000 by PCI “to cook the books,” MacBride charged.
When bond owners made payment claims, PCI denied them.
Because PCI was a Costa Rican company its bond owners had little legal recourse and often settled with PCI for lesser amounts, though even those were often not honored.
The indictment alleges that some of PCI’s false material was sent via federal Express from Texas to a sales agent in Richmond on three occasions in 2006.
Man pleads guilty here in global life insurance bond fraud
November 22, 2011
A New Jersey man pleaded guilty in federal court in Richmond this morning to conspiracy to commit mail and wire fraud in a global $670 million scam that involved life insurance settlement investments.
Jorge Luis Castillo, 56, was the outside auditor of Provident Capital Indemnity LTD, an insurance and reinsurance company registered in Dominica with business operations in the Costa Rica.
A small man wearing a dark-blue jail jumpsuit and ankle shackles, Castillo pleaded guilty before U.S. District Judge John A. Gibney Jr. and is facing up to 20 years in prison when sentenced on May 22.
Authorities said Castillo, 56, was born in Dominica but is a naturalized U.S. citizen. He lost his New Jersey certification as a Certified Public Accountant last year.
Neil H. MacBride, U.S. Attorney for the Eastern District of Virginia, said the scam had “thousands of victims around the world… truly stunning in scope.”
“A lot of people lost their life savings to life settlement companies as a result of worthless securities,” said MacBride. “We are still analyzing the full extent of the fraud. He admitted responsibility for as much as $50 million in profit that went to PCI.”
Castillo and Minor Vargas Calvo, the president and majority owner of PCI who will be tried in February, were named in a 10-count indictment last month alleging wire and mail fraud, wire and mail fraud conspiracy and money laundering.
Jessica Aber Brumberg, an assistant U.S. attorney, told Gibney that because the case is complex and has a second defendant, authorities are still working on determining how much restitution Castillo should be required to pay.
The “vatical,” or life settlement business, has been driven in large part by people with AIDS and older people who need money and believe they no longer need their policies. The business has drawn attention from securities and insurance regulators in many states over its marketing methods.
According to the indictment, life settlement companies buy life insurance policies from people who sold them for an amount less than the value to be paid at death.
Once a policy is sold, the seller –- the original beneficiary –- is no longer responsible for paying any premiums due and the longer that person lives, the less profit for the life settlement company.
Investors only realize a profit if the total amount invested in the policy and additional premium costs they must pay is less than the death benefit.
Starting in 2004, PCI began selling what it called “life expectancy guarantee bonds” to life settlement investment companies that sold them to investors.
The guarantee bonds meant that PCI promised that if the insured lived beyond their life expectancy, PCI would pay the full amount of the life insurance policy to the investor. PCI would then assume ownership of the policy and be responsible for making any premium payments necessary to keep the policy in force.
Purchasers of PCI’s bonds paid a premium up front of 6 to 11 percent of the face amount of the underlying settlement. PCI’s guarantee was an important marketing tool for life settlement companies’ sales of their investment offerings to investors.
PCI is alleged to have used false audits, financial statements and other claims to potential clients and from 2004 through 2010 as it sold $670 millions dollars in financial guarantee bonds to life settlement investment companies in the U.S. and countries around the world.
During that time Castillo provided PCI with an annual “Independent Auditors Report” even though he never performed an audit of PCI’s financial statements but instead “created” the financial statements he claimed to be auditing, prosecutors said.
Castillo was paid about $85,000 by PCI “to cook the books,” MacBride charged.
The contrived audits were sent by PCI to clients and potential clients. When bond owners made payment claims, PCI denied them.
Because PCI was a Costa Rican company its bond owners had little legal recourse and often settled with PCI for lesser amounts, though even those were often not honored.
Some of PCI’s false material was sent via federal Express from Texas to a sales agent in Richmond on three occasions in 2006.
Consumer Guide To Over 50 Life Insurance
November 15, 2011
The approval process is virtually non-existent too as all of the provider requires is proof your real age and also a quick look in your lifestyle.
Payout for the 50 plus life insurance plan is guaranteed upon death. Payout is made depending on the amount one pays in monthly installments. When you consume the policy, you will not be able to cash out your hard earned dollars prior to insurance coverage lapses, that’s basically after death. The plan becomes effective after the second year of enrolling and stays valid for as long as your house is. Upon attaining the era of 85, you simply won’t be asked to pay much more premiums. The premiums made up until this aspect will sustain you for the remaining numerous your lifetime, and you should continue enjoying the same level of coverage as before. This is a privilege that comes just with the 50 life cover.
The word life assurance has numerous advantages over term life, that’s simply a temporary type of insurance and whose payout isn’t guaranteed. Should you suffer an all natural death inside the initial two many years of starting the 50 plus policy, your insurance benefits will probably be settled completely. Another major advantage is it is much cheaper too. Term life premiums are typically inflated because of the high risk related to them. Not with 50 life insurance coverage.
Premiums are incredibly affordable. Monthly deposits start just ??8 , nor exceed ??50. This makes it straightforward for older citizens relying upon their pensions to comfortably make payments. Premiums remain level through and does not go up anytime; neither will your level of coverage, however much poorly the economy gets.
The exact amount settled in the event of your death is based on the contributions you will be making with your monthly premiums this is far better to pay those premiums without default so that the policy remains valid. Obviously, the more you spend premiums, the higher the eventual payout is going to be. Even though this takes into account how much time you live, as soon as you reach 85, you’ll not be asked to contribute anymore towards the policy – but still take pleasure in the same volume of coverage. These kinds of benefit is just available included in an over 50s policy.
Why must i sign up for coverage?
Form benefits to your family, there are several reasons to like obtaining an over 50s life insurance policy, rendering it preferable to other types of insurance coverage:
- Duration: unlike other kinds of life insurance well as over 50s policy takes the duration of your life.
- Guaranteed payout: if a person suffers an organic death inside first couple of numerous years of taking out the policy, your benefits will probably be paid completely.
- Consider standard life plans. For anyone who is in good health, you could possibly pick the standard life insurance plan. This can offer you more charm than the over 50 policies.
- Get quotes. Choosing the best life insurance policy can be confusing. The task can get complicated. To get a respectable cover with the best possible price, anybody should get quotes. Quotes are offered by life assurance firms without cost. You’re not obligated to obtain many. Attempt to reach least 3 quotes from 3 different firms in order to make necessary comparisons.
- Consider the costs. life insurance calculator, life insurance over 50, life insurance over 50
Personal Finance: What you should know about life insurance
November 14, 2011
Insurance can be one of the least understood aspects of your financial plan. And unfortunately, you often hear of people being sold insurance they might not need.
It’s valuable to educate yourself on what’s right for you, so let’s examine the types of life insurance available. That said, as countless books have been written on life insurance — you don’t want to read them, trust me — this article just scratches the surface on a few points.
To begin, there are two broad categories of life insurance: term and permanent. Term insurance covers a certain period of time, or specific “term.” Common “terms” are 10 years, 15 years and 30 years. It is a relatively simple and straightforward product, though different flavors exist. The traditional term policy is level-term. In a level-term policy, your premium and insurance benefit are constant. Other flavors include “decreasing term” and “return of premium term,” which complicate and gimmick-up a relatively simple product.
Permanent life insurance starts off neither simple nor straightforward. It is designed, as its name implies, to provide insurance over your entire life and comes in a variety of forms such as whole life, universal life and variable life.
At its core, permanent life insurance bundles life insurance and a savings component. Simply put, this means when you pay premiums, the insurance company takes out administrative fees, pays the insurance expense (the cost of the life insurance being bought), and the rest is thrown into the savings bucket, typically known as the “cash value.”
In a classic whole life policy, the idea is that the cash value component of the policy builds up over time and by some advanced age (normally 100), it will be equal to the amount of the insurance policy purchased. For example, if you bought a $100,000 policy, you would have a cash value of about $100,000 when you turn 100. The different flavors of permanent insurance tweak the investments side of the savings component or the amount of insurance or both. This is where things can get complicated fast.
In theory, there is nothing wrong with combining insurance and savings. The problem comes in how high the expenses and how crummy the investments tend to be. Often, you get expensive insurance, relatively poor performing investments or both.
There is also the reality that most people do not need life insurance coverage for their entire lives. Life insurance’s core use is to protect dependents (kids, spouse, etc.) from the financial loss of a premature death. You tend to need less life insurance as you get older, your savings grow and you have fewer dependents needing your help.
Another issue with permanent policies is that they can lead to having much less in life insurance coverage from the outset. Consider the price difference between a standard whole life policy and a 30-year term policy as quoted from a national insurer known for low costs and excellent financial ratings (an insurer’s financial stability is critical to consider). This example is for a 35-year-old man who takes medication for high blood pressure.
A 30-year level-term policy with a $500,000 benefit was about $790 a year. For $790, the man could buy only $65,000 in coverage through a whole life policy. If he wanted $500,000 in coverage through a whole life policy, the cost soars to $4,795 a year.
And this leads to the idea that you should buy insurance, not be sold it. I would like to think that all life insurance agents put their client’s well being before their own. However, permanent life insurance is much more profitable to sell than term. That, coupled with life insurance being confusing, leads the incentives to be against the consumer’s interest.
Sadly, I have heard more than once of people being pressured into some form of permanent life insurance that is inappropriate for their needs (including my parents).
This makes it critical to be careful in choosing where and how you buy insurance. I value expertise and like agents, but as an economist I understand incentives matter. If pitched a permanent insurance product, you would be well served to be skeptical and get a second opinion. In fact, I would encourage spending an hour or two with an independent financial planner, such as a certified financial planner, who does not sell life insurance or any other financial product. The person can help you construct a financial plan personalized to your needs that includes the amount of life insurance needed and type of policy.
Armed with that information, choose an agent to help you navigate the insurance market. Again, buy insurance, don’t be sold it.
Now, permanent insurance is not inherently evil. It does have some very useful applications. And if your agent suggests it, it does not mean you are being taken. However, it makes little sense for most people, and I think it is pushed far too often. Rather than purchasing a permanent policy, a better approach in most circumstances is to keep savings and investment decisions separate from insurance decisions — and rely on simple, level term products for life insurance needs.