Are You a Beneficiary in a Claim with AXA Equitable Life Insurance Company?
AXA Equitable Life Insurance Company, as a world sized life insurance company, sells the full line of different life insurance policies. Perhaps due to its international ownership, its huge size, and many different parts, AXA can be a very challenging company to work with on a life insurance claim.
The case Magaly Eagan et al v. AXA Equitable Life Insurance Company shows a settlement of $2,500,000 concerning AXA and alleged benefit plan administrator violation, as well as pension ERISA violation.
Additionally, in Brach Family Foundation vs. AXA Equitable Life Insurance Company, AXA was sued for tremendous rate hikes of their elderly insured:
By focusing the increase on older aged insureds, the suit alleges AXA “unfairly targets the elderly who are out of options for replacing their insurance contracts” and forces the policyholders to either pay “exorbitant premiums that AXA knows would no longer justify the ultimate death benefits” or reduce the death benefit, lapse or surrender the policies. According to the lawsuit, any of these actions will allow AXA to make a “huge” profit from the “extraordinary” COI increase. According to the lawsuit, AXA originally projected that the COI increases, which ITM TwentyFirst has noted ranged from 25-72%, would increase “profits by approximately $500 million.”
Have you suffered the unexpected loss of a loved one, only to have a claim for life insurance benefits delayed, or denied?
Do you get the feeling that the life insurance company is doing everything it can to avoid paying the claim? Has the life insurance company sent you a letter stating that they are rescinding the policy, claiming Application Misrepresentation, or just sending back the premiums paid? Especially if your loved one had the policy for less than two years before passing away, the life insurance company can become very aggressive at seeking to avoid the policy payment. Rescission is a favored strategy of the life insurance company, if the policy was issued less than two years before the death.