Attorneys Investigating Lawsuits Over Monumental's Accidental Death Policies
Last Updated on June 26, 2017
Investigation Complete
Attorneys working with ClassAction.org have finished their investigation into this matter.
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At A Glance
- This Alert Affects
- Beneficiaries of Monumental or Transamerica Life Insurance's accidental death policies whose claims for benefits have been denied.
- What's the Problem?
- Monumental Life Insurance and Transamerica may have wrongfully denied valid claims for benefits under the companies' accidental death insurance policies.
- What Compensation Could I Recover?
- By filing a lawsuit, you may be able to recover the full value of the accidental death insurance policy.
Attorneys are investigating whether Monumental and Transamerica Life Insurance Company are wrongfully denying valid claims for benefits under their accidental death policies.
Why Are the Companies Under Investigation?
Insurance companies have a duty to act in good faith when reviewing claims for death benefits. When an insurance company fails to do so, the beneficiary of the life insurance policy may be able to file a lawsuit seeking the value of the life insurance benefits that were wrongfully denied. Attorneys are trying to determine whether lawsuits can be filed against Monumental and Transamerica in light of allegations that the companies are acting in bad faith by denying valid claims for benefits under their accidental death policies.
How Were These Policies Sold?
Monumental and Transamerica accidental death policies are often sold directly to customers of banks and credit card companies. Your spouse or loved one may have signed up for a Monumental or Transamerica accidental death policy if he or she had a checking account or credit card with any of the following banks:
- Bank of America
- Bank of New York
- Bank of the West
- Capital One Financial
- Chase
- Citigroup
- PNC Bank
- HSBC
- KeyCorp
- Northern Trust
- Regions Financial
- State Street
- SunTrust Bank
- TD Bank
- Union Bank
- Wells Fargo
In addition, your spouse or loved one may have purchased Monumental or Transamerica accidental death insurance from a smaller, regional bank.
Banks and credit card companies often sell Monumental and Transamerica Life Insurance by sending customers a letter in the mail stating that the bank or credit card company will pay the first month’s premium on the insurance policy. After this first month, the premiums are automatically deducted from the policyholder’s checking account or charged to his or her credit card. The policies are frequently advertised as “fully paid, 30-day no-cost-to-you group coverage.” Furthermore, Transamerica Life Insurance Company may have marketed accidental death policies to members of the U.S. armed forces under a group policy issued to “Veterans of Foreign Wars of the U.S.”
Monumental and Transamerica Life Insurance Complaints
In recent years, beneficiaries of Monumental and Transamerica life insurance companies have reported a number of complaints involving wrongfully denied claims. Specifically, policyholders and beneficiaries have reported that Monumental and Transamerica:
- Acted in bad faith in denying accidental death insurance benefits by arguing that the policyholder’s death did not occur as a direct result of an injury or accident
- Wrongfully denied claims on the grounds that the beneficiary failed to provide the policyholder’s medical records
- Misrepresented the terms of insurance policies and misled policyholders regarding the types of accidents and conditions that would result in a payment of death benefits
- Failed to return calls to beneficiaries in a timely manner, resulting in unreasonable delays in issuing insurance proceeds
- Wrongfully refused to pay life insurance benefits or unreasonably delayed payments on the grounds that necessary and required paperwork was not completed correctly when, in fact, all necessary paperwork had been submitted
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