One of the top health and life insurance agents in Dallas, says Department of Labor negotiated a settlement agreement with Prudential Insurance Co. of America.

DALLAS, TEXAS, USA, June 28, 2023/EINPresswire.com/ -- Life insurance Dallas and the people who have it may soon notice a simplified group life insurance claim process for clients coping with the loss of loved ones. In addition, the U.S. Department of Labor and its team of lawyers recently announced a settlement agreement with Prudential Insurance Co. of America to resolve concerns about how the company “has dealt with questions about some group life insureds’ insurability.” The DOL claims that Prudential denied roughly 200 group life claims based on lack of evidence of insurability from 2017 through 2020. As a result, Prudential has agreed to limit evidence-of-insurability challenges to claims involving insureds who died within three months of starting to pay premiums, and the DOL would like to see this change impact all group life issuers moving forward.

More information can be found at: https://www.dol.gov/newsroom/releases/ebsa/ebsa20230419

Many life insurance companies in Dallas will undoubtedly use Prudential as a cautionary tale of internal practices — specifically when it comes to verifying workers’ eligibility for coverage before collecting premiums from them, rather than waiting until beneficiaries file death claims to raise questions about insurability. With that said, the settlement applies only to Prudential, which neither admitted nor denied wrongdoing as it relates to ERISA-related fiduciary duties. “The Employee Benefits Security Administration will take appropriate action against any insurance company that collects regular premium payments from plan participants, and later plays a game of ‘gotcha’ to wrongfully deny benefits based on technicalities like ‘insurability’ after the participant passes away,” Lisa Gomez, the assistant secretary in charge of the Employee Benefits Security Administration, said, in a comment included in the settlement announcement.

Rick Thornton, one of the top health and life insurance agents in Dallas, said it is important for insurers to do business the right way when it comes to insureds and their families — especially when beneficiaries file death claims. Many of these people are simply trying to satisfy policy requirements but are treated as if they are doing something wrong.

Insurance4Dallas, (I4D), helps insure all of Texas, Oklahoma, Arkansas, Arizona, Louisiana, New Mexico, Alabama, Virginia and Florida. Insurance4Dallas provides consumers with detailed information on health insurance with the ability to purchase health insurance online. Insurance4Dallas provides a full spectrum of health, dental, vision, life and ancillary insurance products, providing a diverse selection of price and benefit options complemented by personal customer service. Available via phone, email or fax, Insurance4Dallas answers consumer questions throughout the purchasing process and during the utilization of its health insurance policies. 

Rick Thornton
Insurance4Dallas
+1 972-219-6004
RickThornton@insurance4dallas.com
Visit us on social media:
Facebook
Twitter
LinkedIn
YouTube
Other

Life insurance Dallas claim’s processing may be simplified with Prudential settlement

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.