Life insurance companies make their money by calculating risk and adjusting premiums accordingly. Their whole business comes down to a simple equation. Take in more premiums than you pay out in claims. If they assess risk incorrectly, they can find themselves in a tough financial situation, which could be the reason we’ve seen a number of life insurance company fraud cases in Virginia over the last few years.
If you’re not familiar with the term, life insurance company fraud is when a life insurance company inflates premium payments for policyholders for no other reason than to maximize their profits. Here’s how it works. You secure a life insurance policy and pay your agreed-upon premiums on-time without fail. Then one day you get a notice that your premiums are sky rocketing. You either pay the inflated premiums for the exact same policy or you cancel the policy that you’ve been paying into for years.
If this sounds like your situation, we encourage you call us immediately for a free consultation. Our experienced Norfolk life insurance company fraud attorneys will fight to hold the insurance company accountable by fighting for your rights as a policyholder. Don’t let the insurance company take advantage of your family. Contact us today for your free, no obligation consultation.