Senior citizens are one of our country's greatest assets, as they have contributed tremendously to our country's growth, innovation, and strength through the years. Unfortunately, seniors are also one of our country's most vulnerable groups, as aggressive salespeople, criminals and scammers, and even dishonest relatives often target them for their money. In part two on our series on protecting senior citizens, we highlight three ways individuals and families can help protect the finances of their senior relatives and loved ones.
Regular Review Of All Bills
One of the best ways individuals and families can help protect the financial security of an elderly relative is by regularly reviewing their bills and utilities together with them. This is the fastest way to discover if a loved one is being grossly overcharged for a utility or service, unauthorized withdrawals or purchases are being made, a large purchase or payment was made for something suspicious, or if there are issues with late payments that could jeopardize their well-being. Often a financial issue with an older relative is not discovered until it's too late and significant amounts of money are gone, or utility services are cut off. A regular review is a simple proactive step that ensures all utilities and bills are paid on a timely basis and any issues or overcharges are dealt with immediately.
Improve Internet, Home, and Phone Security
Seniors are often tricked, scared, or pressured into contracts and purchases by aggressive salespeople, telemarketers, and Internet scammers. Families can protect their older loved ones by setting up basic security protections so they are less likely to fall victim to aggressive or confusing sales schemes, or Internet hoaxes and scams. For example, email spam blocker and virus detection software can help keep email inboxes and home computers safer from hackers, malware, and spyware, decreasing the chance that they fall victim to a phishing scam or email hoax. Additionally, families can also have Caller ID and smart security doorbells installed so older relatives can screen calls to avoid telemarketing calls, as well as solicitors at their front door.
Life Insurance Consultation and Estate Planning
Finally, seniors may also be pressured or conned into giving up their hard-earned retirement money or assets to greedy relatives. For example, a dishonest individual might try to open a credit card or take out a loan under their elderly relative's name, change life insurance beneficiary information, or even try to gain control of property such as vehicles, real estate, or even control of a business. One way to combat this issue and ensure that savings and assets are protected, and life insurance benefits go to the right individuals is through creating an estate plan and having a life insurance consultation. This can give older relatives peace of mind that their finances and assets are secure, and that their estate will be correctly divided per their wishes.
With a few simple steps, we can help give peace of mind and financial protection to the older relatives in our lives, allowing them to fully enjoy their golden years. Aegis Insurance & Financial Services is also committed to helping senior citizens protect their assets and loved ones through reliable, top quality Personal Insurance coverage. Aegis offers a full range of Personal Insurance solutions, tailored to your specific needs and goals. Give Aegis a call at 713-850-7622 for more information, or fill out our online form for a free quote today!