We see life insurance companies implement questionable practices all the time. Sometimes those practices are so widespread that the State of Missouri steps in. Within the last two months Transamerica reached a settlement agreement with the State of Missouri and multiple other states. The settlement dealt with their untimely and inefficient search for beneficiaries. Unfortunately, every day we see the insurance companies trying to cut corners in an effort to add to the bottom line. Fortunately, the consumers have life insurance attorneys and the Missouri Department of Insurance watching out for their best interest.
The settlement includes Transamerica Life Insurance subsidiaries Transamerica Life Insurance Co., Transamerica Advisors Life Insurance Co., Transamerica Advisors Life Insurance Co. of New York, Transamerica Financial Life Insurance Co., Monumental Life Insurance Co., Stonebridge Life Insurance Co. and Western Reserve Life Assurance Co. of Ohio.
If you have been wrongfully denied your benefits by the life insurance company you should contact an attorney immediately. Since the beginning of 2009, in the State of Missouri alone, the Market Conduct Section of the Department of Insurance has recovered more than $16,000,000.00 in refunds and fines. Don’t let the life insurance companies get away with their questionable business practices. Fight for the life insurance benefits you are owed.
To read more about the Transamerica Life Insurance Company settlement you can read the entire settlement here: http://insurance.mo.gov/Contribute%20Documents/TransamericaRegulatorySettlementAgreement.pdf