When life insurance goes sour...
September 13, 2013 10:41 AM Subscribe
I am fairly sure that the terms of my life insurance policy were unfairly changed during a merger. The policy was issued in NY, and I need help understanding what my rights are and what type of policy was substituted for the one I purchased. Does anyone know of a nonprofit, legal clinic, or other organization that can help me interpret and advise me on how to proceed with a dispute with a life insurance company? I have already contacted the State Department of Financial Services and they were not helpful.
FYI, asking for a friend whose throwaway email is: insuranceissuesinny@gmail.com
FYI, asking for a friend whose throwaway email is: insuranceissuesinny@gmail.com
Call your state's insurance commissioner. They are supposed to be on your side, not the insurance company's side.
At least for health insurance, New York has some weird laws unlike any other state, like you have to be incorporated there to sell policies there. I would find out where the new company is incorporated and ask about that angle (does it apply to life insurance?) for starters when calling the commissioner.
I used to work for an insurance company. This type thing is so common, it boggles my mind that insurance is legal. So there may be nothing you can do. But the insurance commissioner is the place to start.
posted by Michele in California at 1:02 PM on September 13, 2013
At least for health insurance, New York has some weird laws unlike any other state, like you have to be incorporated there to sell policies there. I would find out where the new company is incorporated and ask about that angle (does it apply to life insurance?) for starters when calling the commissioner.
I used to work for an insurance company. This type thing is so common, it boggles my mind that insurance is legal. So there may be nothing you can do. But the insurance commissioner is the place to start.
posted by Michele in California at 1:02 PM on September 13, 2013
Yes, the first step is to find out what, if anything, was actually changed. You signed a contract with them, find it and compare it to what they are now claiming. The various governmental agencies probably aren't going to do this research for you.
posted by gjc at 5:17 AM on September 14, 2013
posted by gjc at 5:17 AM on September 14, 2013
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Another option you have is to call the current holding company and ask them to explain everything to you.
Do you have copies of your old policy? The paperwork that was sent to you upon the merger? That will help too.
posted by Ruthless Bunny at 10:49 AM on September 13, 2013