LUBBOCK, TX (KCBD) - The warning to keeping your money safe from life insurance fraud comes from the case of a former Lubbock insurance agent who will spend life in prison for his convicted charge of scamming the elderly into buying life insurance annuities and then keeping the money for himself.
Insurance broker Zach Galbraith said to avoid becoming the next life insurance fraud victim, people have to keep an eye out for red flags.
"Red flags that I would tell everyone to look out for is if it sounds fishy, it probably is," Galbraith said..
He advises people looking into getting life insurance to do their research and find a reliable broker.
"I cant tell you how many clients we get that they are referred from someone at church or they're referred from clients of ours," Galbraith said. "So trust those instincts."
Insurance brokers are the middleman between the client and the insurance company.
"Brokers are the middle man and we just guide you along the path, that should be the role of the broker," Galbraith said. "You should never give your money directly to an insurance broker because you should be writing a check to the insurance company directly."
Galbraith also stressed the importance of individual research when it comes to looking out for various frauds.
"Its very important that you don't look at one scenario and say all of this is bad, all annuities are bad or all life insurance is bad, its very important you do your research," Galbraith said.
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