Life insurance companies in America, who sell bogus or questionable financial products to elderly Texans, are under review by legislators, who are trying to curb such practices. Later this week, the Senate State Affairs Committee could vote on the bill.

The proposal comes after an 87-year-old woman told regulators she was conned into signing a 14-year annuity contract, meaning benefits would not begin until she reached 101.

The sector is battling rising regulations and the life industry consists of big players such as American International Group.

The bill has already meet heavy criticism. American Council of Life Insurer, Jack Dolan said that the bill would make annuities, which he calls "the only product that guarantees lifetime income," less accessible to Texans.

However, arguing this, Sen. Rodney Ellis responded that it was “disheartening” that members of AIG-linked firms are attempting to kill his proposal for more supervision.

The Texas Department of Insurance acknowledges that more rules are needed if it is to combat insurance firms selling bogus life policies.