Mutual Benefits Corp (MBC): It sounds like a company you can trust. But, of course, one can't go by a name alone. According to afp.google.com, "A US judge in Miami on Tuesday sentenced three people to five years in jail after they pleaded guilty to participating in a massive insurance scam in Florida. MBC was closed down by federal regulators in May 2004 amid allegations it fraudulently promised "safe" investments in secure life insurance policies while in reality it invested in highly speculative viatical settlements. MBC is also alleged to have improperly acquired policies that cannot be bought and sold, pressuring doctors to rubber-stamp false life expectancy figures, and mismanaging escrowed premium funds."
Life insurance policies can be a target for fraudulent insurance agents. Senior citizens are especially at risk. Educate yourself or your elderly relatives about life insurance shopping with this guide: A Senior Citizen's Guide to Insurance Planning
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