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Fighting Insurance Company Abuses with an Experienced Life Insurance Fraud Attorney

Over the course of the past decade, a tremendous amount has been reported in the media about problems in the healthcare system. This includes extensive discussions about how health insurance companies have engaged in practices that are detrimental to consumers.

During the same time period, next to nothing has been reported about business practices in the life insurance industry. Recently, concerns have surfaced about the manner in which life insurance companies are dealing with universal life insurance policies. Concerns have been raised about potential life insurance fraud.

Evidence is beginning to mount that certain life insurance companies may be engaging in fraudulent practices in regard to premium increases associated with universal life insurance policies. The life insurance fraud lawyer team at The Doan Law Firm are now on the case to assist consumers who believe they may have been victimized by fraudulent practices by life insurance companies.

Universal Life Insurance Policy Basics

A universal like insurance policy is defined as a cash value life insurance policy. What this means is that premium payments above and beyond the actual cost of insurance are credited to the cash value of a particular universal life insurance policy. In other words, a policyholder's premiums are designed to pay only the actual cost associated with a particular insurance policy. Any amount above and beyond the cost of insurance is returned to the policyholder in the form of additional funds added into his or her investment element of an insurance policy.

Universal Life Insurance Premiums

Premiums assessed for a particular universal life insurance policy are determined using actuarial data. This essentially means that the amount of premiums is based on a mathematical analysis associated with an insured's projected longevity and associated factors.

The amount charged for premiums is not based on any other consideration. In fact, utilizing other factors beyond actuarial considerations to establish a universal life insurance premium rate would be counter to existing law.

Universal Life Insurance Interest Payments

Not only do universal policies of this nature have a life insurance element, they are also investment tools. When a person takes out a universal like insurance policy, he or she is guaranteed an annual rate of return based on a set interest percentage. The rate of return cannot be changed.

Since the start of the Great Recession of 2008, the United States has been home to an extended period of low interests rates. The Federal Reserve, which is responsible for setting interests rates in the United States, has kept them down to practically nothing. This has had some unanticipated results, including insurance companies faced with a lower return on their own investments.

Despite this low-interest rate environment, insurance companies must keep their obligation to policy holders in regard to the guaranteed annual rate of return. With the prevailing low-interest rates that have prevailed since 2008, insurance companies are experiencing a reduced rate of return on their own investments.

Potential Life Insurance Fraud

A life insurance company is only permitted to raise the premium on a universal policy because of mortality and associated expenses. In recent times, some life insurance companies have hiked up the premiums on universal life insurance policies a significant amount.

In examining these hefty increases, there appears to be no correlation between the premium increase and mortality and other legitimate considerations. Unrelated increases of this type likely do not meet legal muster. In simple terms, these premium increase have all the ear markings of life insurance fraud.

Retain a Life Insurance Fraud Lawyer

If a consumer has noticed an increase in his or her life insurance premium charge, particularly a relatively substantial one based on historical considerations, he or she should contact an insurance fraud lawyer at The Doan Law Firm. The legal team at The Doan Law Firm has the depth of experience necessary to unravel even a complicated case of life insurance fraud.

A life insurance fraud lawyer from The Doan Law Firm will schedule an initial consultation with a policyholder who believes that he or she is being victimized by an unscrupulous life insurance company. A life insurance fraud attorney will undertake a preliminary review and evaluation of a case. In addition, a lawyer will provide answers to the questions a consumer might have regarding life insurance fraud and is or her rights.

An appointment with an experienced life insurance fraud lawyer can be scheduled by calling 800-349-0000. The life insurance fraud hotline is taking calls around the clock, 24 hours a day, 365 days a year. There is no charge for an initial consultation with a consumer concerned about potential life insurance fraud.

When it comes to a life insurance fraud cause, an attorney from The Doan Law Firm charges no fee unless and until a favorable settlement or judgment in a lawsuit is obtained on behalf of a client.

Contact an Experienced Personal Injury Lawyer

After an accident, the responsible party's insurance company may try to reduce the claim amount. Commonly, insurance adjusters are trained to get information from the injured to assist in reducing the claim. Though some insurers are less guilty of this practice than others, it is important to realize that insurance companies are profit-oriented corporations and reducing claims results in increased profits for shareholders. This can create a situation for the injured in which they are offered a settlement that does not truly reflect the damages suffered. If you accept this settlement, you lose the ability to get more money should your injuries require further medical treatments. It is critical that victims get legal assistance in any personal injury case, and The Doan Law Firm is prepared to fight relentlessly for your rights.

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