Change A Beneficiary With A Power Of Attorney

Change a Beneficiary with a Power of Attorney – Why Using a Power of Attorney to Name a Trust or Change a Beneficiary is a Great Idea

Sophisticated estate planning sometimes uses a life insurance policy in a life insurance trust.  An irrevocable life insurance trust (ILIT) can be a valuable tool but it raises additional life insurance issues.  One of those issues is that an irrevocable life insurance trust will have a trustee and a Power of Attorney. These matters can often become litigation with the life insurance company – we have decades of expert experience in these issues.

That Power of Attorney must be broad enough to handle all of the expected and unexpected needs of the life insurance trust.  Because some of these complexities vary state to state, it is unrealistic to expect that your Power of Attorney will be effective, everywhere.

We urge the proper drafting and review of a Power of Attorney, keeping in mind the state where the life insurance trust is located and the state where the life insurance company is located.

Even then, when a life insurance trust approaches the time of benefits being paid, a prudent review of all the paperwork should be conducted by an experienced attorney.  This is the last moment to try to avoid any issues arising with the life insurance company –  especially if the life insurance policy was purchased in the last two years, and the benefits may be needed right away, nothing should be left undone in making sure that the life insurance company will pay.

We can review the Trust and Power of Attorney documents for you – call for a consultation.

We have done this a lot.  We take the time to know you and your case.  We start working for you NOW.  We communicate with you, respond to your calls, are available to you.  We focus on how to win your case.  If you have a problem getting your life insurance claim paid, rescission, beneficiary disputes, or your policy has been cancelled or has other issues on it, you need to contact Life Insurance Lawyer NOW.com or life insurance justice.com.  Use the form on our site, or email us, or call (888) 997-4070 or (818) 937-0937 to speak directly to an experienced life insurance lawyer.   We are the best life insurance lawyers around, and we are real lawyers, not a lawyer referral service or “middleman”, we are here for you NOW.

Power Of Attorney In A Life Insurance Claim

Using a Power of Attorney in a Life Insurance Claim – Here’s Why a Power of Attorney for a Life Insurance Beneficiary Can be No Power at All.

If you are trying to get a life insurance company to follow a Power of Attorney, be warned.  These can be a real headache for a life insurance beneficiary. Are you an insured person seeking financial protection? Are you a family member or claimant? We can help.

A Power Of Attorney Is Not Always A Simple Or Straightforward Document.

Just as it can be complicated for a regular person reviewing and completing it, the life insurance claims personnel can get easily confused with a Power of Attorney form.

According to AmericanBar.org:

• “The power may give temporary or permanent authority to act on your behalf.
• A power of attorney may be revoked, but most states require written notice of revocation to the person named to act for you.”

States Regulate Their Own Requirements for a Power of Attorney. 

So, different states have different requirements.  You may be in a very different state from where the life insurance company handles the claim.  The people in the life insurance claims office may not know the laws and regulations of your state (or even their own) as the life insurance claims adjusters are not lawyers.

Using a Power of Attorney in a Life Insurance Claim is for an expert attorney like us – you can’t be trying to learn the law on your own AND dealing with the deceptive tactics of the Life Insurance Company and their team of experienced lawyers.

To make things more complicated, there are two main types of Power of Attorney: One which is for healthcare decisions; and a second for other decisions (financial) for a person. 

• Those other decisions may include handling a life insurance policy, or for life insurance policy benefits to go to a trust.
• Or, the Power of Attorney may just be for the trust, not even for a person.
• And if there are Changes in Beneficiaries or Beneficiary Disputes, issues can get even more complicated.

The possibilities are broad, and the chances of them being not followed or understood is very high. That’s why you need an expert in these matters who will ensure that these legal requirements will be followed.

We have done this a lot.  We take the time to know you and your case.  We start working for you NOW.  We communicate with you, respond to your calls, are available to you.  We focus on how to win your case.  If you have a problem getting your life insurance claim paid, rescission, beneficiary disputes, or your policy has been cancelled or has other issues on it, you need to contact Life Insurance Lawyer NOW.com or life insurance justice.com.  Use the form on our site, or email us, or call (888) 997-4070 or (818) 937-0937 to speak directly to an experienced life insurance lawyer.   We are the best life insurance lawyers around, and we are real lawyers, not a lawyer referral service or “middleman”, we are here for you NOW.

Bad Faith And Claims Denials From Kansas City Life Insurance Company

Let’s have a closer look at Bad Faith and Claims Denials from Kansas City Life insurance Company. Kansas City Life Insurance is a smaller life insurance company, but it claims it’s been business for more than 120 years.  It says:

“A promise of financial strength is only as good as the company that makes it. When Kansas City Life makes a promise, we stand behind it. Since 1895, we have assisted policyholders through world wars, the Great Depression and various periods of recession and inflation.

Kansas City Life’s reputation is built on integrity, sound investment strategies and honest business practices. To us, integrity is not an outdated notion in today’s fast-paced world. It is the guiding force behind every decision we make. Every product we sell is backed by more than a century of quality service and financial security.”

However, a Google search revealed this:

• After a two-week trial, a Jackson County, Missouri jury returned a verdict for plaintiff Perry Trout, in his suit against Kansas City Life Insurance Company.  The jury’s verdict was in favor of Trout on his breach of contract claim in the amount of $500,000. and a total recovery to Trout in excess of $2 million.

And this:

• “The personal representatives of Leora Pearl Pelter, deceased, brought suit on behalf of the Pelter estate against Kansas City Life Insurance Company claiming breach of a life insurance contract on the life of Mrs. Pelter’s husband.   The personal representatives are Mrs. Pelter’s daughters.  The Pelters alleged bad faith and the intentional infliction of emotional distress.   The Pelters also sued Billy D. Stearman, who had been Kansas City Life’s agent.
• Billy Stearman did not appear at the trial of the case, and the trial court directed a verdict against him on liability, for both the Pelters and Kansas City Life.  In it, liability and damages were assessed separately against Kansas City Life and Stearman.
• Following the trial court’s entry of judgment against it, Kansas City Life appealed, and on January 19, 1996 the Court of Civil Appeals reduced the punitive damages award against Kansas City Life from $10,000,000.00 to $500,000.00, but affirmed the judgment against Kansas City Life in all other respects.”

And, if you can believe this, even Wikipedia has this to say about Kansas City Life Insurance Company:

“Kansas City Life has got involved with multiple legal issues and lawsuits regarding non payment of death claims and dispute of benefit distributions in recent years.”

Have You Experienced A Kansas City Life Insurance Claim Denial?

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, making a rescission, 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.

We can help.  Call LifeInsuranceLawyerNOW.com at (888) 997-4070, or (818) 937-0937, or send an email to us in the form on the side of the screen.  We are highly experienced lawyers, not paralegals, and we know this area.  We get right to it with you and the insurance company, and get many claims paid right away.  If court is necessary, we are regular Federal litigators and will push the life insurance company hard for the well being of you and your family.  We respect you, deal directly with you, and understand not only the law and facts, but what you are going through.  We are here to help.  Contact us as soon as possible, to get your claim paid faster.

State Farm Life Insurance Company

State Farm Life Insurance Company uses the name State Farm Life, and makes claims that it is the country’s #1 insurer of individual life insurance policies.

State Farm life sells through agents, who receive commission compensation and other compensation for selling the State Farm Life insurance policies. State Farm Life Insurance Company is based in Bloomington, Illinois and prefers Federal Court throughout the country for the many lawsuits that have been filed against State Farm.

The types of insurance policies include term life, whole life, universal life, and variable universal life insurance policies. Each of these particular types of policies has a world of complexity and fine print.

State Farm also describes term life insurance as “affordable protection”, and talks about their different types of life insurance as:

“Term life insurance is the most straightforward form of protection. You generally pay premiums on a monthly or annual basis and your family is protected for that ‘term’…..Help provide for a family’s loss of income; Cover short-term debts and needs; Provide additional insurance protection during the child-raising years, Provide longer term protection to help your family pay off a mortgage or to help pay for a college education.”

“Select Term Life Insurance” where the customer can “Select 10, 20, or 30 years of coverage and a guaranteed benefit. Coverage starts at $100,000, and the affordable premiums are level for the initial policy term. Once past the level premium period, premiums will increase annually. The policy is guaranteed to renew up to age 95 and is convertible to a permanent policy regardless of health, subject to age limits.”

State Farm describes “Whole Life Insurance” policies as:

”Select 10, 20, or 30 years of coverage and a guaranteed benefit. Coverage starts at $100,000, and the affordable premiums are level for the initial policy term. Once past the level premium period, premiums will increase annually. The policy is guaranteed to renew up to age 95 and is convertible to a permanent policy regardless of health, subject to age limits.”

State Farm Life Insurance Company describes its “Universal Life Insurance” as a life insurance policy where:
“premiums are paid into your policy’s account value (after a premium expense charge), where it earns interest. Every month, various deductions, such as a charge for insurance protection, are then made from the account value. You have the ability to take loans or make withdrawals from the account value for your personal needs. Loans accrue interest and unpaid loans plus interest and withdrawals will reduce the death benefit and cash value. The policy continues as long as the cash value is sufficient to cover the various deductions each month…”
State Farm Life Insurance Company used to sell a large number of policies of Variable Universal Life. But in September, 2008, State Farm stopped selling variable universal life. Because State Farm sold so much of the variable universal life insurance policies, and there has been so much discontent with these types of unpredictable policies, many of the policies are still in force, and insured customers may have questions.
Here’s a case where verdict was made against State Farm for bad faith in the amount of $2.35 million dollars. The elderly widow was insured under a State Farm policy with $25,000 limits and recovered the huge amount for her insurance claim regarding her husband’s wrongful death from an automobile accident.

The Plaintiff’s lawyer initially demanded that State Farm tender the policy limit of $25,000, which was denied by State Farm, who insisted on the need to see additional notarized affidavits before it could confirm or deny any coverage. However, Georgia law states that if an insurer responds to an insured’s demand for policy limits by making a counteroffer, the counteroffer will constitute a rejection, subjecting the insurer to a claim for bad-faith conduct and liability, far in excess of the insured’s policy limits.

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, making a rescission, 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.

We can help. Call LifeInsuranceLawyerNOW.com at (888) 997-4070, or (818) 937-0937, or send an email to us in the form on the side of the screen. We are highly experienced lawyers, not paralegals, and we know this area. We get right to it with you and the insurance company, and get many claims paid right away. If court is necessary, we are regular Federal litigators and will push the life insurance company hard for the well being of you and your family. We respect you, deal directly with you, and understand not only the law and facts, but what you are going through. We are here to help. Contact us as soon as possible, to get your claim paid faster.

State Farm Life Insurance Company uses the name State Farm Life, and makes claims that it is the country’s #1 insurer of individual life insurance policies.

State Farm life sells through agents, who receive commission compensation and other compensation for selling the State Farm Life insurance policies.  State Farm Life Insurance Company is based in Bloomington, Illinois and prefers Federal Court throughout the country for the many lawsuits that have been filed against State Farm.

The types of insurance policies include term life, whole life, universal life, and variable universal life insurance policies.  Each of these particular types of policies has a world of complexity and fine print.

State Farm also describes term life insurance as “affordable protection”, and talks about their different types of life insurance as:

“Term life insurance is the most straightforward form of protection. You generally pay premiums on a monthly or annual basis and your family is protected for that ‘term’…..Help provide for a family’s loss of income; Cover short-term debts and needs; Provide additional insurance protection during the child-raising years, Provide longer term protection to help your family pay off a mortgage or to help pay for a college education.” 

“Select Term Life Insurance” where the customer can “Select 10, 20, or 30 years of coverage and a guaranteed benefit. Coverage starts at $100,000, and the affordable premiums are level for the initial policy term. Once past the level premium period, premiums will increase annually. The policy is guaranteed to renew up to age 95 and is convertible to a permanent policy regardless of health, subject to age limits.”

State Farm  describes “Whole Life Insurance” policies as:

”Select 10, 20, or 30 years of coverage and a guaranteed benefit. Coverage starts at $100,000, and the affordable premiums are level for the initial policy term. Once past the level premium period, premiums will increase annually. The policy is guaranteed to renew up to age 95 and is convertible to a permanent policy regardless of health, subject to age limits.”

State Farm Life Insurance Company describes its “Universal Life Insurance” as a life insurance policy where:

“premiums are paid into your policy’s account value (after a premium expense charge), where it earns interest. Every month, various deductions, such as a charge for insurance protection, are then made from the account value. You have the ability to take loans or make withdrawals from the account value for your personal needs. Loans accrue interest and unpaid loans plus interest and withdrawals will reduce the death benefit and cash value. The policy continues as long as the cash value is sufficient to cover the various deductions each month…”

State Farm Life Insurance Company used to sell a large number of policies of Variable Universal Life.  But in September, 2008, State Farm stopped selling variable universal life.  Because State Farm sold so much of the variable universal life insurance policies, and there has been so much discontent with these types of unpredictable policies, many of the policies are still in force, and insured customers may have questions.

Here’s a case where verdict was made against State Farm for bad faith in the amount of $2.35 million dollars. The elderly widow was insured under a State Farm policy with $25,000 limits and recovered the huge amount for her insurance claim regarding her husband’s wrongful death from an automobile accident.

The Plaintiff’s lawyer initially demanded that State Farm tender the policy limit of $25,000, which was denied by State Farm, who insisted on the need to see additional notarized affidavits before it could confirm or deny any coverage.  However, Georgia law states that if an insurer responds to an insured’s demand for policy limits by making a counteroffer, the counteroffer will constitute a rejection, subjecting the insurer to a claim for bad-faith conduct and liability, far in excess of the insured’s policy limits.

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, making a rescission, 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.

We can help.  Call LifeInsuranceLawyerNOW.com at (888) 997-4070, or (818) 937-0937, or send an email to us in the form on the side of the screen.  We are highly experienced lawyers, not paralegals, and we know this area.  We get right to it with you and the insurance company, and get many claims paid right away.  If court is necessary, we are regular Federal litigators and will push the life insurance company hard for the well being of you and your family.  We respect you, deal directly with you, and understand not only the law and facts, but what you are going through.  We are here to help.  Contact us as soon as possible, to get your claim paid faster.