The Price Of Unemployment Insurance Fraud
Unemployment insurance can be a very good plan. Our state and federal governments do offer some temporary compensation to help with job loss but what happens when that runs out. If you loose your job due to accident or injury, quite often your company’s disability policy is not enough.
Due to this reason, many are looking to private companies to top up what the government or their employers currently offer. However, with the growing number of unemployment insurance policies being sold, there unfortunately are a growing number of fraudulent insurance policies on the market.
Fraud has a wide meaning. It can mean someone telling a little white lie to extend their benefit or it can be very serious and include actual bogus policies being sold.
Fraudulent insurance policies happen across the insurance industry and the cost is devastating. Many who think they can depend on their polices suddenly find their having to use their life savings just to cover expenses. Some who have no saving end up loosing their homes and other valued possessions in order to survive?
Insurance companies and those who sell fraudulent policies realize that it will likely be some time before you actually collect on your policy. This would make it very easy for someone to take your money and run. By the time you actually claim on your policy they could be long gone.
When purchasing unemployment insurance pay attention to the following advice. If you see a company advertising on line, make sure they have a fixed address and phone number. If they have neither of these then don’t purchase from them. This company could be here today and gone tomorrow. On that note, do not give any personal detail over the internet. Once they have your account numbers they can do far more damage than a fake insurance policy. See if this company is registered in your state, if not then don’t purchase anything from them. Finally, best to purchase policies from the large companies. They may be more expensive but their reputations are sound.
Selling false unemployment insurance is a crime. However, the damage will likely have been done before the culprits are ever caught. By following the advice in this article, you can help protect yourself from bogus insurance policies.