In an effort to create awareness over the importance and value of life insurance, Nationwide Financial Services and Waddell and Reed Financial recently announced they will host a series of events across the country in September, which is Life Insurance Awareness Month. The events will strengthen the advisers' relationships with their clients while educating the public on how to protect their families.
At the events, college students will share stories of how life insurance benefits have impacted their lives, giving clients a real life example of families being protected after a death. Students will then be presented with a donation to their scholarship funds. Senior vice president of individual protection for Nationwide Financial, Peter Golato, said it is important clients listen to real people share their stories.
"These events will help advisers demonstrate the true value of life insurance and can serve as a starting point for a deeper conversation about their clients' life insurance needs," Golato said.
The events will not, however, feature stories like the recent case from Courthouse News Service, which reported an Allianz life insurance agent was convicted by a federal jury for defrauding elderly clients of more than $600,000, and her son pleaded guilty to money laundering.
Edwina Demmitt was found guilty of 20 of 27 counts including conspiracy to commit money laundering and eight counts of wire fraud. According to the news source, Demmitt promised the insurance company would match client investments and encouraged them to borrow against their annuities for investing. Demmitt and her son then deposited the funds in their personal accounts.
It is important for policyholders to demand transparency with their agents, including documentation of all transactions, so they are aware of where their money is going. Make sure to ask your insurance agent any questions regarding policies or investments.