You may have an old disability insurance policy with Monarch Life Insurance Company. If you are preparing to file a claim, or have questions about a Monarch Life disability insurance claim denial or termination, please contact our law firm.
Monarch Life Insurance Company has been in rehabilitation since June 1994. They stopped selling disability insurance in June 1993.
Most disability claims under Monarch Life were sold as individual disability policies to medical and dental professionals, attorneys, business executives and business owners. These policies were to be their safety net for replacement income in the event of long term disability.
As of January 1, 2017 Monarch Life Insurance Company is still a viable, licensed company. They carry on normal business operations, approving and paying claims, or denying disability claims, just as any insurer does. What they are not doing is writing new policies.
By putting the company under state control, regulators expect to safeguard Monarch Life Insurance policyholders from losing coverage or premiums.
Information for Policy Holders of Monarch Disability Insurance
Monarch Life offered disability income insurance and life insurance. It was a subsidiary of the parent company Monarch Capital Corporation. In the early 1990’s, the parent company sustained financial difficulties through real estate investment losses. In turn, Monarch Life Insurance Company was in danger of becoming insolvent.
Once this was discovered, Massachusetts regulators took fast action to protect Monarch’s policyholders. In May 1991, Monarch Life Insurance Company was placed in receivership by the Massachusetts Division of Insurance. “Receivership” is a form of corporate bankruptcy. State insurance regulators took these steps to protect Monarch policyholders and protect Monarch Life as a company from the financial troubles of its parent company.
As of this writing, Monarch Life has been in receivership for over 22 years, with the Massachusetts Division of Insurance overseeing the rehabilitation so that the company regains its financial foothold.
Lawyers Represent Monarch Life Disability Insurance Claims
If you are the owner of a Monarch disability policy and need assistance, contact Marc Whitehead & Associates without delay. We are able to help you with your initial Monarch disability claim application; or if your claim was denied, we expertly handle the disability appeal or lawsuit.
Our free consultation can begin the process of securing your rightful benefits. As your dedicated long term disability denial attorneys, we will do everything possible to make the process easy for you.