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New York Life Insurance Company is one of the largest insurers in the United States. The company, which has been in existence since 1841, is the nation’s largest mutual life insurance company and the third-biggest life insurance company. New York Life employs over 11,000 individuals and an additional 12,000 agents. The company offers a variety of life insurance policies, including whole, term, and universal life insurance, as well as annuities, asset management services, and 401(k) retirement plans. As a mutual life insurance company, it is owned by its policyholders and pays an annual dividend to certain policyholders each year rather than to outside shareholders.
Legal protection from bad faith conduct by insurers
New York Life, despite being one of the country’s largest corporations by total revenue on the Fortune 500 list, has been repeatedly sued by customers for failing to deal fairly or honestly. If you’ve been the victim of unfair annuity practices, illegal insurance practices, or other bad faith behavior by New York Life Insurance, you may have a right to compensation through an insurance bad faith claim. Contact the experienced and effective unfair annuities and insurance bad faith attorneys at Gianelli & Morris to receive a free evaluation of your bad faith insurance claim.
Long history of lawsuits over unfair or illegal treatment of customers
New York Life is no stranger to the courtroom and has been forced to pay out millions in settlements and fines to fraud and bad faith victims. The company faced a massive $250 million judgment in 1995 when it failed to pay out promised returns to its policyholders. When Bernie Madoff’s massive Ponzi scheme was toppled, New York Life—an investor in the scheme—faced lawsuits by policyholders who lost millions of dollars in the aftermath.
More recently, the company has faced a class action lawsuit led by life insurance policyholders who witnessed massive rate hikes that forced them to abandon their policies. The lead plaintiff was told his policy premium could increase “by a small amount over time” until 2018, when his annual premium nearly doubled. The policyholder was told that he could expect another rate hike in the following year, resulting in an increase of over 290% in two years. The lawsuit accuses New York Life of committing illegal rate hikes, breaching its contracts with policyholders, and committing bad faith.
Life insurance companies taking advantage of their customers is nothing new. Customers who have had policies rescinded or canceled seemingly without cause should seek an attorney’s help to learn whether they have a right to money damages for their loss. The professional and trial-ready insurance bad faith lawyers at Gianelli & Morris have been fighting for the victims of insurance bad faith for decades. We understand the industry and how to get results for insurance policyholders who have been the victims of fraud and bad faith committed by California insurance companies. Let us go to bat for you if you’ve been the victim of a predatory life insurance company in Los Angeles or statewide.
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Victimized by Bad Faith Insurance Practices from New York Life? Contact our Experienced California Insurance Lawyers.
For a no-cost consultation on your insurance bad faith claim, contact the Los Angeles insurance bad faith lawyers Gianelli & Morris at 213-489-1600.
