January 30, 2013, in the Boston federal court.
John Hancock Financial Services
Richard Feingold filed a class action suit against John Hancock Financial Services on the grounds that the life insurance company doesn’t work hard enough to pay out life insurance benefits. According to the lawsuit, the life insurance company regularly used the Social Security Administration’s master death list to check whether annuity holders had died in order to halt insurance payments. However, the company failed to routinely use the list to see if policy holders had died in order to promptly pay beneficiaries.
According to Feingold, his mother had purchased a life insurance policy in 1945 and died in 2006. However, Feingold, who was the beneficiary of the policy, didn’t receive the benefits until 2010 when he discovered them on the Illinois Treasurer’s unclaimed property website. Feingold filed the suit on behalf of himself and others whom Hancock had failed to notify of life insurance benefits.
This lawsuit follows a recent settlement by John Hancock and other major insurers on a lawsuit filed by the government for similar allegations. Hancock agreed to pay a settlement of $13 million dollars and to use the Social Security database more frequently to search for unpaid beneficiaries.
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Evan S. Schwartz
Founder of Schwartz, Conroy & Hack