When you see commercials for insurance agencies, they talk about ways they can help you.  A calm, reassuring voice will promise to take care of you and your family when you need help most.

But one thing they almost never talk about is money—and it’s the number one reason insurance companies want you as their customer.  Just by selling premiums to its clients, the U.S. insurance industry makes an estimated $1 trillion every year.

Not only does “big insurance” make more per year than the national income of most countries, but they want to keep it.  The easiest way to do this is by denying claims.  Sometimes these claims are rightfully denied—but shady business practices have meant the abandonment of loyal customers to serve the bottom line.

If your policy is underwritten by one of these companies, you might want to change your life insurance coverage:

  1. Allstate.  Allstate’s “good hands” develop “boxing gloves” when policyholders call to file a claim.  One former adjuster for the company admitted that employees “were told to lie by our supervisors.”
  2. Unum.  An agent who worked for Unum was told that they would not pay her claim when she developed multiple sclerosis—despite the fact that she had been selling their own disability policies for years.
  3. AIG.  Claims supervisors at AIG have attested to a number of illegal practices, including locking payment checks in safes until customers hired lawyers and shredding documents at office “pizza parties.”
  4. State Farm. After Hurricane Katrina, State Farm denied hundreds of property claims on the basis that its customers were not covered for “flood” damage—even when the damages were not caused by water.
  5. Conseco.  Conseco, which sells long-term care policies, delays payments to its elderly customers knowing that—if they wait long enough—the customer will die.
  6. WellPoint.  In 2007, this provider was found guilty of canceling the policies of pregnant women and chronically ill customers.  Their punishment?  They paid a fine of $1 million.
  7. Farmers.  A 60-year-old woman from Washington filed a claim from her hospital bed only to be told that the driver who hit her had acted “intentionally”—and intentional events can’t be counted as accidents.
  8. UnitedHealth.  In addition to unfair denials, New York Attorney General Andrew Cuomo has accused UnitedHealth of charging its customers far more than is necessary for out-of-network office visits.
  9. Torchmark.  All customers are not created equal in this company’s eyes.  In 2006, black policyholders ended up paying 36 percent more for burial and life insurance policies than white policyholders.
  10.  Liberty Mutual.  This provider came under fire in New York when it illegally refused to renew policies for customers who did not have another form of insurance.

Nearly 250 million Americans carry some form of insurance—and that money adds up. But if you think the overwhelming profit these companies make is going to its customers, think again: CEOs of life  insurance companies are the nation’s highest paid executives, earning an average of $1.6 million per year.

If your rightful claim has been declined by one of these life insurance companies, we can help.  The attorneys at Life Insurance Law can get bring your provider’s injustices to light—and get you the settlement you deserve.

Source: American Association for Justice, “The Ten Worst Insurance Companies in America”