Insurance Policies including Long-Term Care: Make Sure You Get the Facts
Most people know it is important to have life insurance. Insurance coverage can be purchased either through an employer or company, or by using an outside insurance provider like Genworth Life Insurance Company. Having a life insurance policy can give you a sense of financial stability and control over circumstances that are beyond your control, particularly with respect to what your family and loved ones will do after you die. But it is equally important to have a plan in place for other uncontrollable circumstances as well.
This is where long-term care insurance comes into play in your financial planning. If you are injured or ill and require on-going medical care, your savings account may not cover the extent of your needs. Long-term care is expensive and changes in medical status may make it harder for you to work, make decisions, or maintain your current lifestyle. Having a long-term care insurance policy in place can help ease the burden of hospital payments, medical procedures and even in-home help, if you need it.
Just as when you purchase a life insurance policy, you are purchasing a long-term care policy without knowing what, exactly, you will need if you have to utilize the policy. Your insurance policy, therefore, must cover a whole host of speculated, but unknown variables, including provisions for a scenario in which you need long-term care indefinitely. In these situations, fraud is hard to identify because you do not know what you need or what tricks and/or deceptions your insurance carrier may be scheming—that is, until you are injured or sick and have to fight for your benefits.
Your reliance on your life and long-term care insurance policies puts you in a vulnerable position and California life insurance fraud lawyers warn consumers that there are many insurance companies who can take advantage of that vulnerability. A fraudulent insurance policy can go undetected for years, while the policyholder continues to make payments into it. We have been contacted by clients who realize after paying their policy for 20-30 years that the cash value of the policy is much less than the amount of premiums they paid into it. In other words, they may have been better off if they had invested their money in a safe financial investment.
Consumers should be aware of the policy terms and contract agreements before they sign anything, fraud attorneys say, and they should be wary of “special deals” or changes to their policy. Your life insurance and long-term care policies may be the only way you can take care of your loved ones even after your death, so it is critical that your needs and financial expectations are fulfilled by your insurance provider including Genworth Life Insurance Company.
Insurance fraud targets those who may not be up-to-date on their policies or the options available to them, and can leave victims with nothing before the issue is resolved. If you suspect that your insurance policy may be fraudulent, or that your provider is not doing right by you, get in touch with a California insurance fraud attorney at the Evans Law Firm, Inc. today. Our offices are located in Los Angeles, Sonoma County, and Southern California, and we are available by in-person meeting, phone (415-441-8669 or toll free 888-503-8267), or email (email@example.com). We can help you fight fraud today.