Hold Unum Accountable For Your Unum Denied Disability Claims
Clients often question our attorneys about Unum denied disability claims and if they should instead seek a settlement. While Unum might offer claimants a settlement, they will do so according to their own terms, which will likely be very favorable to Unum. Make no mistake about it: buyouts always favor the insurance carrier, or else they would not agree to them. Every buyout results in a financial windfall for the carrier, whereby they would pay a lump sum amount upfront in exchange for a waiver of any future benefits claims.
Understanding Company Tactics Regarding Unum Claim Denials
Some experts across the industry agree that Unum has frequently not provided accurate figures to the policyholder when it comes to settling lifetime claims. In other cases, the company has been accused of offering settlements before and during the holidays when they know that the insured might want the extra money. If Unum does offer a settlement, which they might refuse to do, the offer could fall on the low end of the spectrum. If the insured refuses the settlement, the claim can be subject to greater scrutiny thereafter, and be watched more closely for regular updates.
An attorney with experience in investigating these settlements can provide direction regarding the negotiation and evaluation of a settlement offer. Remember that a decision about an insurance settlement should not be made in desperation; instead, the policyholder should carefully consider the ramifications of accepting a settlement.
Filing A Complaint Against The Company Regarding Unum Denied Disability Claims
Many life and disability insurance claim consultants feel that filing a complaint with your state insurance department against the company is not worth the time or energy. The state insurance department frequently declines to investigate ERISA matters which are governed by federal law; even in non-ERISA matters, the insurance departments may not investigate the complaint, instead sending a letter that states the insurer’s stance and that disavows any wrongdoing. A more effective solution could be for the insured to take up the matter with the state insurance department and ask for a review of Unum’s claims practices. While they might not pay attention to an individual complaint, they will look more carefully if many people complain about the same thing, which could eventually help hold the company accountable.
Holding Unum And Other Carriers Accountable
Insured claimants can also contact their employer’s human resources department to explain the unfair tactics used by Unum. The employee should be prepared to back their story with specific examples of how poorly he or she was treated. A loss of market share would seriously impact Unum and possibly lead to updating the procedures used for claim reviews. In some cases, employers are already canceling policies with Unum and opting to go with other insurers instead. Your employer might be able to offer alternatives to policies through Unum. Most companies sit up and pay close attention when their bottom line is affected. Change can happen at the grassroots level when employers understand that Unum is not serving the needs of the insured and not providing effective coverage. They might reconsider how to handle claims more fairly instead of dismissing an insured’s request with so little consideration.