In this video Marc Whitehead, a board certified disability attorney, discusses how insurance companies made more money last year.
Even though insurance companies continue to treat injured or chronically ill claimants poorly, a recent study shows their profit has increased over the last few years. Thirty-one companies participated in this survey regarding Long Term Insurance Policies.
Their findings showed that Insurance Companies collected almost $10 Billion in premiums in 2012. Even when the cost and expenses of these large companies have been considered, they have still collected a large amount of money annually.
In 2009 the results of this survey showed the premium growth for the participating insurance companies had actually decreased. From 2011 to 2012 Group, long term and short term disability sales grew at the highest rate seen in 5 years.
Insurance companies that received the most in premiums in 2012 include:
UNUM- 16.2% of the Market
The Hartford- 11.6%
MetLife- 11%
Cigna- 10.9%
Cigna has become known for trying to settle claims for much lower then their value. Some are worried that other insurance companies will start trying to do the same thing as Cigna. If you or someone you know, with a disability claim has been given an opportunity to settle their claim, but the number seems too low. There is a chance the insurance company is trying to take advantage of your short and long term needs.
This is an example of a time when having an experienced Disability Attorney on your side will prove to be helpful. They will be able to run the numbers and show you what the true value of the policy you purchased is. They will be on your side, helping you to receive an appropriate settlement for your claim.
Marc Whitehead & Associates is a National Disability Law Firm representing disabled individuals on all 50 states with over 20 years of experience fighting for our clients.
