94-year-old woman told 1934 life insurance policy no longer exists

May 30, 2019

  1. Newby
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    Newby Guru

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    I was thinking more of this one:
    MetLife settles suit, earmarks $1.7 billion for deception claims
     
    Newby, May 31, 2019
    #11
  2. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    There is a lot about this that doesnt make sense. Im guessing there is another side to this story other than the big bad insurance company is screwing over this little old lady.

    Assuming the policy amount was turned over to the state, they would have sent multiple notices to the Owner of the Policy before doing so.

    And what about the annual statements... it doesnt make someone think when you suddenly stop receiving annual info about your policy?

    Im the first to admit that carriers can act with incompetence or even with ill intent at times. But personal responsibility almost always plays a part in these situations in my experience. People yell and shout when it blows up, but if its that important, why were they not taking a minimal amount of time/effort to ensure its in good order?? Cuts both ways
     
  3. somarco
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    somarco GA Medicare Expert

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    People move and don't notify the carrier.

    Some die and no one knows they have a policy or where it is.

    If paid on a bank draft, they change banks and miss/ignore the late notices.

    If receiving a paper bill, they miss/ignore the bill and late notice.

    The SSMDF is rarely updated on a timely basis and often inaccurate.

    There are many things that can happen other than the carrier is trying to screw someone out of $1200.
     
    somarco, May 31, 2019
    #13
  4. bluesky3000
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    bluesky3000 Expert

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    The amount isnt that huge.... Should have just paid them
     
  5. somarco
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    somarco GA Medicare Expert

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  6. somarco
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    somarco GA Medicare Expert

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    It's not the amount that is an issue. Paying claims extra-contractually can open a can of worms.
     
    somarco, Jun 5, 2019
    #16
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