As an experienced Baltimore attorney I have unfortunately witnessed many cases of insurance companies delaying payments to my clients after the death of a loved one. Why do they do this you ask? The company you faithfully paid all these years to be there for you in times of need?One reason and one reason only and that’s money. The more the insurance companies pay out to you the less profit they have to show their shareholders so they delay making payments for as long as possible (if ever) to show a greater profit margin to their board of directors.
Faced with diminishing profits the big insurance companies have taken to disputing or delaying payments which totaled more than $343 million in 2010. Unfortunately this is just a sliver of the evidence that shows that the insurance companies have their own best interests at heart,not yours. Their main goal is to get your premiums or payments as quickly as possible while reducing the risk to themselves that they will ever have to pay out.They employ a number of strategies to postpone paying death benefits. In fact at least 35 states are presently investigating claims that insurance companies willfully ignored evidence of customers deaths sometimes for years to avoid paying claims.Unfortunately there is no federal oversight for life insurers so it is up to each individual state to mandate laws.This is why you need a attorney with experience in your state to cut through the red tape so you can receive your benefits.At least 30 states are investigating why insurance companies don’t use accessible national databases such as the Social Security Administrations Death Master file to determine who should receive benefits.The Insurance companies don’t have an issue using this list to STOP paying annuity payments after an insured has died but when it comes to them MAKING a payment they fake ignorance by putting the ball in the insurers court.In some cases the insurance companies delay payments for years and subtracts premiums until it dwindles down to zero at which time they cancel the policy.The insurance companies selective use of the national death database has let them successfully hold on to more than a billion dollars in unclaimed benefits.What can you do about this you ask? Plenty!Call an experienced attorney such as myself and I will navigate through the bureaucratic maze to get you the money you are entitled to under the law.
If you believe you are the victim of life insurance fraud please call me today at 800 320-0080 or visit my offices in either Rockville or Baltimore today.