Allianz Life Insurance Claim Denials
Allianz Life Insurance Company of North America is one of the largest providers of life insurance and annuities in the US. Based in Minneapolis, Allianz Life Insurance Company of North America (often known as “Allianz Life”) was founded in 1896 as North American Casualty. The company was acquired by the German corporation Allianz in 1979, now one of the world’s largest corporations. Allianz Life offers life insurance and annuity products to hundreds of thousands of customers throughout the country, including thousands in California.
Fraudulent handling of insurance and annuity claims by Allianz
Life insurance policies should provide peace of mind to customers, allowing them to trust that, even if an unexpected illness or accident cuts life short, there is a source of income available for their families in a time of great need. Aside from claims for death benefits, life insurance companies may also provide annuity options that provide another source of income after years of investment. Life insurance providers that backtrack on their commitments to their customers or fail to carry out their responsibilities under the terms of the contract deserve to face consequences for their disingenuous and fraudulent conduct.
Time and again, Allianz has faced legal actions by customers who had their claims for life insurance or annuity benefits denied or shortchanged. Victims of fraudulent and bad faith conduct by Allianz have a right to compensation, but going up against this corporate goliath can feel impossible without help. If you believe you’ve had a valid claim denied or that your annuity claim was unfairly penalized, get help from the experienced and effective Los Angeles bad faith insurance and unfair annuity lawyers at Gianelli & Morris.
Allianz faces numerous class action lawsuits based on unfair annuities, including cases pursued by Gianelli & Morris
Deferred annuities are an investment tool where the customer deposits premiums over time, with the return on the investment paid out only once the annuity has reached its term. At that point, the customer can receive regular payments. If the investor attempts to make an early withdrawal, they may face surrender charges. Rates of return are typically set for the first year of payments but may become variable for subsequent years.
Many investors have discovered that their Allianz annuities came with surrender charges and other penalties that were improperly disclosed, or that the bonuses they were promised at signing would never be paid. Thousands of Allianz customers have sought compensation for Allianz Life’s unfair practices surrounding its annuities products, including a group of plaintiffs represented by Gianelli & Morris. Allianz has already paid out hundreds of millions of dollars in legal settlements to victims of fraudulent annuities and faces yet more legal challenges for failing to uphold legal and contractual duties to its customers. If you believe that your Allianz Life annuity has been handled fraudulently or was subject to unfair penalties, find out if you have a right to pursue legal action by contacting the California unfair annuities lawyers at Gianelli & Morris to discuss your case.
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For dedicated, experienced, and knowledgeable legal help with a California annuity lawsuit or life insurance claim denial, contact the seasoned Los Angeles bad faith insurance and unfair annuities lawyers Gianelli & Morris at 213-489-1600.