Prudential Insurance Company sells insurance and annuities through The Prudential Insurance Company of America, Pruco Life Insurance Company, and Pruco Life Insurance Company of New Jersey.
Each is a Prudential Financial company located in Newark, NJ, and each is solely responsible for its own financial condition and contractual obligations.
“Prudential Insurance Co. of America has agreed to pay $39.2 million to settle a class action lawsuit alleging it failed to pay death benefits to military service members, veterans and family members under a group life insurance policy in a lump sum as required by federal law.
The $39.2 million settlement was in a class action alleging that Prudential Insurance Co. of America failed to pay death benefits to military service members, veterans, and their families in a lump sum as required by federal law – and, therein the lawsuit, Prudential had settled the death benefits through the establishment of an interest-bearing retained asset account (Alliance Account) for each beneficiary and, because of this, “systematically lined its own pockets with interest earnings accrued on lump sum insurance benefits owed to families of deceased service members and veterans” .
Are You a Beneficiary in a Prudential Life Insurance Company Claim?
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.