Don’t ever assume that you Life Insurance policy will pay benefits to your beneficiaries.
Why? Because so often, benefits are not paid. We know this is true because we are in the business of suing insurance companies when they fail to pay valid claims. But, most people never imagine that a valid life insurance claim won’t get paid. Most of the problems we see at our firm involve insurance companies failing to pay life insurance benefits based on allegations of such things as fraud in procuring the policy, or that the policy was not properly applied for through an individual’s employer. Insurance companies often make these assertions without good faith, or without having performed a full and fair investigation of the facts. And often, when we challenge the insurance benefit denial, we get benefits paid for our clients.
But, what happens when someone doesn’t even know they are the beneficiary of a life insurance policy? Should the insurance company make an attempt to contact beneficiaries when they have knowledge an insured has died? Most state laws say”yes.” Should insurance companies continue to collect premiums (from policies with cash value) when they know an insured has died? Common sense, and the law, say”no.” Yet many insurance companies have been doing exactly what they should not be doing, and have realized mind-boggling profits by doing so. The television show, 60 minutes, ran a segment last night revealing these unfair practices. Florida Insurance Commissioner, Kevin McCarty, led the national task force investigating the industry. He explains as a result of the investigation, twenty five of the nation’s biggest life insurance companies agreed to pay more than 7 and a half billion dollars in back death benefits. For more information on the 60 minutes piece, click here: http://www.cbsnews.com/news/60-minutes-life-insurance-investigation-lesley-stahl/
You may be able to check if you are owed any money by an insurance company (or other entity) by clicking here: http://www.unclaimed.org/
If, on the other hand, you have already made a claim for life insurance benefits from MetLife, Prudential, Anthem Life, Transamerica, or any other life insurance company, and your claim is being delayed or denied, call us. We can probably help. Consultations are absolutely free, and we handle matters on a contingency basis everywhere in the state of California and even neighboring states. So, no recovery, no fee. (877) 783-8686