Informing Seniors -SIBOR-August 3, 2020

5 As a senior citizen, you have worked a lifetime to build up assets and want to take precautions to protect yourself and those assets. Purchasing insurance that meets your needs can be challenging; sometimes a product is pushed on you, sometimes you can’t get what you want. Also, as your financial situation changes over time, it is important to review your insurance policies to decide if the same terms and types of insurance are still right for you. It is illegal for an insurance agent, broker, solicitor or insurance company to misrepresent the terms or benefits of any insurance policy [California Insurance Code (CIC) § 780,781]. Furthermore, a prospective insured 65 years of age or older is owed a duty of honesty, good faith, and fair dealing by an insurer, broker, agent, and others engaged in the transaction of insurance [CIC § 785, 10192.55, 10234.8]. If you are contemplating purchasing a new or replacement policy, please take note of the following precautions: • Obtain all proposals in writing. • Don’t be pressured into buying any insurance product. Take enough time to review the information before making any decisions. • Do not sign anything you do not understand. • Consider having a trusted family member, friend, or advisor participate in discussions concerning the purchase of any insurance product. • Make sure the agent, broker, and insurance company are properly licensed to sell the product you are considering purchasing. Senior Insurance Bill of Rights (SIBOR)