Leslie Scism

speaker

504 appearances 9 recordings 1 series first heard Sep 2017 last heard May 2023

Leslie Scism’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How Paperwork Errors Cost Families Life-Insurance Payouts · 24 May 2023 podcast

This required approval. matched

an application and our approval and this is something we never gave so the fault lay with the employer for not having gotten the form to the employee and getting it filled out and submitted to the insurance company for its approval but the labor department said listen if you're an insurance company and you are collecting premium you got to have a better system in place for talking with these employers matched

and figuring out exactly who has been approved and who's not. matched

And you should not be accepting premium if you haven't approved these people. matched

Prudential signed an agreement with the Labor Department under which it essentially agreed to do a better job of what it already is doing, which is telling employers that they must handle this duty properly. matched

And it will reinforce that if the employers don't handle this properly, the employer will be liable for paying out the death benefit to those people. matched

Prudential also voluntarily agreed to go back several years, review the denials, and if the denials were based solely on the lack of this original health form, that it would pay the death benefits in some or all of those instances. matched

So one thing people can do is read their materials. matched

And if, in fact, it says you need to fill out a form, you do unfortunately need to be looking at this material when you make a purchase. matched

And you need to go to your HR department and say, hey, this thing says I'm supposed to fill out a form. matched

You haven't given me a form. matched

What's up with this? matched

Insurance companies send out approval letters or have other communication, digital communication, once the employee is approved. matched

But someone who didn't send in the form wouldn't get such a notification, so they don't seem to be aware that this was required. matched

And thus, they end up in these bad situations that involve a lot of heartache and grief and perhaps serious financial hardship at the point their beloved one has died. matched

According to the lawsuits in the Labor Department, in some or most or all instances, the people were refunded the premiums they had paid. matched

When the insurance company got the death claim, looked in its files and said, we don't have a health form for these people. matched

We don't have the application from these people. matched

It promptly reimbursed all the premiums. matched

But the problem is, at that point, families were counting on this death claim to help their family in the event of a death. matched

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