Navigating Life Insurance Claims with Companies That Have Changed Names: What You Need to Know
It’s not uncommon for life insurance companies to change their names, undergo mergers, or even sell off their life insurance business to other companies. If you are dealing with a denied life insurance claim and the company has changed names or undergone significant changes, it can create additional confusion. Understanding the history and the new identity of these companies can help clarify your situation and guide you through the process of resolving your claim.
Life Insurance Companies That Have Changed Names
Here are several major life insurance companies that have undergone name changes, mergers, or acquisitions over the years:
MetLife became Brighthouse Financial in 2017
Great-West Life & Annuity Insurance Company became Empower Retirement Life Insurance Company in 2022
Great-West Life & Annuity Insurance Company of New York became Empower Life & Annuity Insurance Company of New York in 2022
Great-West Funds, Inc. became Empower Funds, Inc. in 2022
Prudential Retirement Insurance and Annuity Company (PRIAC) became Empower Annuity Insurance Company of America in 2022
The Prudential Insurance Company of America (PICA) became Empower Life Insurance Company of America in 2022
Protective Life and Annuity Insurance Company became Pacific Guardian Life Insurance Company, Ltd. in 2019
Genworth Financial, Inc. sold its life insurance business to Resolution Life Group Holdings Ltd. in 2019
AXA Equitable Life Insurance Company became Equitable Financial Life Insurance Company in 2019
John Hancock Life Insurance Company (U.S.A.) became Manulife Financial Corporation in 2004
ING U.S., Inc. became Voya Financial, Inc. in 2014
Hartford Life and Accident Insurance Company became Talcott Resolution Life and Annuity Insurance Company in 2018
Transamerica Occidental Life Insurance Company became Transamerica Life Insurance Company in 2008
American General Life and Accident Insurance Company (AGLA) became American General Life Insurance Company (AGL) in 2013
Aviva USA Corporation became Athene USA Corporation in 2013
Conseco, Inc. became CNO Financial Group, Inc. in 2010
Fortis Benefits Insurance Company became Union Security Insurance Company in 2005
Jefferson-Pilot Corporation merged with Lincoln National Corporation in 2006
Liberty Mutual Group Inc. sold its life insurance business to Lincoln Financial Group in 2018
Monumental Life Insurance Company became Transamerica Premier Life Insurance Company in 2014
Phoenix Home Life Mutual Insurance Company demutualized and became The Phoenix Companies, Inc. in 2001
ReliaStar Life Insurance Company of New York merged with and into its affiliate Security Life of Denver Insurance Company (SLD), with SLD being the surviving entity, and renamed Voya Retirement Insurance and Annuity Company (VRIAC) on December 31, 2017
Security Benefit Life Insurance Company (SBL) sold its life insurance business to a subsidiary of Kuvare US Holdings, Inc., operating under the name Oceanview Life and Annuity Company, effective December 31, 2018
SunAmerica Inc., a subsidiary of American International Group Inc., sold its life insurance business to Protective Life Corp., effective May 1, 2015
Symetra Financial Corporation, a subsidiary of Sumitomo Life Insurance Co., sold its life insurance business to Resolution Life Group Holdings Ltd., effective January 4, 2021
Why Name Changes Matter for Your Life Insurance Claim
When a life insurance company changes its name or is sold to another company, it can lead to confusion regarding who is responsible for processing and paying out the claim. If you are dealing with a denied life insurance claim and the company has undergone a name change or been sold, here are some important factors to consider:
Identifying the Current Insurer: The company that now owns the life insurance policy may have taken over the previous company’s liabilities, including the responsibility for claims. Ensure that you are dealing with the correct insurer, as old company names may still appear on documents, but the actual insurer could be a new entity.
Review Policy Documents: It's important to review any policy documents you have, as they may still reflect the old company name. Look for contact details and updated policy numbers that correspond with the new company’s name.
Navigating Claims with a New Insurer: A new insurer may have different processes for submitting claims or resolving disputes. If your claim is denied, the new insurer may have their own procedures for appeals and disputes.
Legacy Issues and Claims Responsibility: If the previous insurer did not fulfill its obligations (e.g., denied or underpaid claims), the new insurer may still be responsible for handling those claims. In such cases, you may need legal assistance to ensure the new company honors the previous policyholder’s rights.
How Our Life Insurance Lawyers Can Help
Navigating the complexities of a life insurance claim denial can be challenging, especially when dealing with a company that has changed its name or ownership. Our top-rated life insurance lawyers specialize in fighting life insurance denials, even for claims involving insurers that have undergone mergers or name changes. We can help you:
Identify the Correct Insurer: We will assist you in determining which company is responsible for processing your claim and ensure you are dealing with the correct party.
Review Policy Language: Our team can help you understand the terms of the policy, including any exclusions, riders, and conditions that might affect the claim.
File Appeals and Legal Action: If your claim was denied, we can help you appeal the decision or take legal action against the insurer to recover the benefits owed to you.
Resolve Legacy Disputes: If the previous insurer’s practices are affecting your current claim, we can help ensure that the new insurer is held accountable for the policyholder’s rights.
Insurance Companies We’ve Resolved Claims With
Our experienced attorneys have successfully resolved cases with insurers, even when dealing with companies that have changed names or ownership. We’ve worked with insurers such as:
USAA Life
MetLife/Brighthouse Financial
Voya Financial
Equitable Financial
Transamerica Life
Lincoln Financial Group
FAQ Section
How do I know if my life insurance policy has been transferred to a new company?
If your insurer has undergone a name change or merger, your policy documents will reflect the new company’s name. Contact your insurer directly for confirmation and ensure that your policy is still active.What should I do if my claim is denied by an insurer that has changed its name?
If your claim is denied, the process for appealing or resolving the dispute may differ with the new insurer. We recommend consulting with an attorney to help you navigate the process and determine the best course of action.Is the new insurer responsible for paying my claim if the original company has changed names?
Yes, in most cases, the new insurer is responsible for honoring the claims of the previous company. It’s important to understand how the transition affects your specific claim, and legal counsel can help clarify this for you.Can I still file a claim if my insurer no longer exists under its original name?
Yes, as long as the policy was transferred to a new company or a successor insurer, you can still file a claim. The new company is generally obligated to honor the policy.