William McCullough from Brooklyn, recently pleaded guilty to masterminding a scheme in which a small network of co-conspirators pretended to have dead relatives in order to collect more than $500,000 in life insurance payments. McCullough is supposed to have operated this scheme in collusion with his stepfather, Michael Brant, 42, who worked for Prudential Insurance as a group life claims examiner. App.com reports:
Starting in December 2000, McCullough devised a scheme to defraud Prudential by submitting false life benefit claims from AOL Time Warner employees who were not dead. McCullough and Brant recruited five additional people from their Brooklyn neighborhood to serve as the beneficiaries on fraudulent group life insurance claims to Prudential, the indictment states.
Read more: Man admits to life-insurance scheme that netted $500G
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This is a simple way of looking at insurance — think of it as a compulsory saving. Something that you need to set aside regularly so that if some unforeseen disaster occurs, you and your family are prepared. After all, it is by saving that you can keep something aside for a rainy day.
I know this sounds more like some gramma’s advice, but believe me, when I say that life insurance is the best form of savings especially for people belonging to the lower-income groups. Some people actually believe that life insurance is one of the greatest financial innovations the world has known. Life insurance has become one of the greatest mobilizers for savings and for very good reasons. It is a comforting assurance in the face of so many risks and unknowns. Jamaica-gleaner.com reports:
Notwithstanding the huge preference and key advantage which life policies would hold in the expenditure of the consumer dollar, armies of sales teams, or underwriters, become experts in pressing home the value of purchasing life insurance cover.
Read more: Saving is where it all begins
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on Wednesday, July 26th, 2006 at 3:12 am and is filed under Tips.
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