Worst Insurance Companies; Why are they bad?
Insurance supports people, companies and society in more than one ways people can think of. The most important benefit of insurance is that it indemnifies your losses by providing coverage for them. A person should have health insurance, home insurance, life insurance, and automobile insurance. Home insurance will protect them against losses like fire, and natural disasters etc.
However, all is not good after buying an insurance policy! You prefer insurance contracts to be simple where you pay premiums when they are due and the company pays your money back when you meet the damage. Unfortunately, this is not always the case. There are some worst insurance companies where insurance companies do not seem to care much about their policyholders’ rights.
American Association of Justice (AAJ) has listed some worst insurance companies that deny, delay, and defend the insurance claims of their policyholders. The deny, delay, and defend against lawsuits is the common approach for all worst insurance companies. There are the worst insurance companies for paying claims in the US listed by AAJ:
1. Allstate:
Allstate is the worst insurance company because it focuses on its own profits than the claims of policyholders. It makes low settlement offers against claims, does not increase the settlement offers, and delays to pay claims to its policyholders.
2. State Farm:
This company is also famous for adopting “deny, delay, and defend” policy for insurance claims. The company also has a history of not renewing claims.
Similarly, these are the other worst insurance companies accompanying the above two in the list buy AAJ:
- Farmers
- Liberty Mutual
- Unum
- AIG
- Conseco
- WellPoint
- UnitedHealth
- Torchmark
Worst Life Insurance Companies
In addition to overall insurance benefits, there are the companies that are worst at paying life insurance claims. Here is the list of 20 worst life insurance companies for your guide!
- Unum
- Metlife
- Protective
- Colonial Penn
- Globe
- Bankers
- Liberty Mutual
- Lincoln National
- Cincinatti
- AIG
- Stonebridge
- American Fidelity
- SBLI
- Primerica
- Ethos
- TIAA
- Geico
- True Blue
- Choice Mutual
- Allianz
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Worst long term care insurance companies
You probably want to invest in a long term care insurance plan because you want to spend your old age life without having any problems. However, you should be vigilant enough to not invest in companies that will not be willing to repay your due claims! Here are the companies you have to be careful about!
- Mass Mutual: It is too expensive! But the good news is that the company will not be providing long-term care insurance anymore. So, you are safe from this insurance company!
- Genworth Financial:
The premiums increased by 150%. The customers were forced to pay the higher premiums or else they would lose their insurance. Resultantly, the company faced a class action lawsuit.
- New York Life:
Just like MassMutual, it is very expensive and the customers also complain about it. This company is endorsed by AARP, but it is twice as expensive as other long term care insurance companies’ policies.
- AARP Long-Term Care Insurance: This insurance company is as bad as New York Life long-term care insurance.
- CalPERS: Just like Genworth Financial, the premiums increased massively and the company faced a class action lawsuit. So, you would probably not want to pay high premiums for a bad long term care insurance policy. Our website offers more reviews that you can check out on this page!
