Midland National Denied Life Insurance Claim
Midland National is a company that has spent over a hundred years selling life insurance and annuities in the United States. Founded as Dakota Mutual Life Insurance Company in 1906, the insurer became known as Midland National in 1925. The privately-owned company based in South Dakota currently has over 1 million active life insurance policies and annuity contracts and asserts that it paid over $525 million in life insurance death claims in 2018.
Midland National claims to have a reputation in the insurance industry for financial strength, but victims of the company’s aggressive tactics might argue that that strength can be partially attributed to fraud and bad faith denial of claims. Victims of unfair annuities and wrongful life insurance benefit denials are often older adults on a fixed income or persons who recently lost a loved one and need insurance proceeds to afford the costs associated with the death. When dishonest insurance carriers take advantage of consumers, they may be in violation of the law. The California bad faith insurance lawyers at Gianelli & Morris are seasoned litigators, experienced in fighting for policyholders and holding insurance carriers to account for wrongfully withholding benefits. Contact our dedicated and aggressive Los Angeles wrongful insurance denial attorneys to find out if you have a legal claim against an insurer.
Midland National settles multiple annuity fraud claims
Long-term annuities are a retirement planning product often marketed to seniors. When a customer purchases an annuity, they pay premiums which will be paid back with interest once the annuity reaches its term. Annuities are marketed as offering the customer a “guaranteed income” for the remainder of their lifetime. Should the customer need to withdraw funds from the annuity early, they often face very steep early withdrawal penalties.
Midland National has frequently been the target of investigations and penalties regarding sales of its deferred annuities, including an 18-month investigation conducted by the California insurance commissioner that resulted in a fine of $1.3 million. The California Department of Insurance found that Midland National often used deceitful tactics to market its annuities to seniors, such as encouraging seniors to invest in annuities with surrender periods that occurred long after the customer was expected to live.
Gianelli & Morris settles $31 million class action against Midland National
Gianelli & Morris partner Robert Gianelli is experienced in fighting deceitful annuities practices by Midland National and was one of the attorneys who settled a class action claim against Midland National in 2014. Mr. Gianelli helped secure $31 million for class members who failed to receive the benefits promised by the company when purchasing their annuity, namely bonuses and growth which never materialized.
If you need seasoned, aggressive, and trial-ready legal help with a claim against a California insurer that has denied your claims in bad faith, contact the Los Angeles insurance lawyers at Gianelli & Morris for a free consultation at 213-489-1600.