VA Unaware of Prudential 'Profiteering' off Veteran Insurance Payouts
Military.com
by Bryant Jordan
Oct 05, 2015
The Veterans Affairs Department was not aware that Prudential Insurance encouraged its counselors to keep casualty pay-out monies in-house as a way to boost company profits, or that its agents were schooled to try to change the minds of surviving family members who sought a traditional lump-sum payment.
Prudential's practices came to light last week with the court-ordered release of internal company documents to the Veterans of Foreign Wars, which joined in a class-action lawsuit against Prudential in 2010. Prudential is under contract to handle Sevicemember Group Life Insurance and Veterans Group Life Insurance policies.
Among the documents was one detailing a plan to increase company profitability by retaining control of money that would normally be awarded to survivors in a lump sum. Another revealed the company trained personnel on how to deal with survivors who insisted on a lump-sum payout rather than leaving the money with Prudential in "Alliance Accounts" that provided the beneficiary with a fraction of the interest that Prudential would gain from it.
VFW National Commander John A. Biedrzycki Jr. last week called for an independent investigation of the VA and the Alliance Accounts, saying the department turned a blind eye to Prudential's profiteering off beneficiaries.
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Showing posts with label Veterans Insurance. Show all posts
Showing posts with label Veterans Insurance. Show all posts
Tuesday, October 6, 2015
Friday, March 27, 2009
Bill would improve vets insurance benefits
Bill would improve vets insurance benefits
By Rick Maze - Staff writer
Posted : Friday Mar 27, 2009 16:44:39 EDT
The Senate Veterans’ Affairs Committee chairman introduced legislation Thursday to improve veterans insurance benefits.
Sen. Daniel Akaka, D-Hawaii, proposes to expand retroactive payments of traumatic injury insurance, to increase supplemental life insure for totally disabled veterans, and to create a new life insurance program for veterans with service-connected disabilities.
This is the second major veterans bill introduced this year by Akaka, who in early March unveiled a rehabilitation and employment package.
In a statement, Akaka said the new bill, S 728, “improves benefits for veterans with severe burn injuries, expands insurance programs, and secures cost-of-living increases for certain benefits, some of which have not been updated for decades.”
go here for more
http://www.armytimes.com/news/2009/03/military_veteransinsurance_032709w/
By Rick Maze - Staff writer
Posted : Friday Mar 27, 2009 16:44:39 EDT
The Senate Veterans’ Affairs Committee chairman introduced legislation Thursday to improve veterans insurance benefits.
Sen. Daniel Akaka, D-Hawaii, proposes to expand retroactive payments of traumatic injury insurance, to increase supplemental life insure for totally disabled veterans, and to create a new life insurance program for veterans with service-connected disabilities.
This is the second major veterans bill introduced this year by Akaka, who in early March unveiled a rehabilitation and employment package.
In a statement, Akaka said the new bill, S 728, “improves benefits for veterans with severe burn injuries, expands insurance programs, and secures cost-of-living increases for certain benefits, some of which have not been updated for decades.”
go here for more
http://www.armytimes.com/news/2009/03/military_veteransinsurance_032709w/
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