Change of beneficiary not processed/ attorney fees

The change of beneficiary wasn't processed by the insurance company. They said they sent out a letter to the policy holder, but I do not have access to it. No further information has been provided at this time. I have a copy of the change of beneficiary form and can't see anything that isn't properly filled out.

The policy is for a large amount, so a contingency for 25 to 33 percent would be over a million. Hourly it would cost $100,000 to defend the case. I guess I'm a little confused by the contingency fees. It seems like it would be the same amount of work to pursue a 2 million dollar policy and one a lot higher. Would it be possible to find an attorney that would take it on a lot lower contingency? For example, they would be paid $500,000 on a percentage basis if we prevail. I know they are taking on the risk. I'm still debating on whether to take on the risk myself and pay hourly. The one attorney I have spoken to thinks I have a strong case.

fronty said:

The change of beneficiary wasn't processed by the insurance company. They said they sent out a letter to the policy holder, but I do not have access to it.

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You won't get access to anything because there is no record of you being a beneficiary.

fronty said:

I have a copy of the change of beneficiary form and can't see anything that isn't properly filled out.

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Properly filled out doesn't mean it was sent to the insurance company. The insured might have filled it out, set it aside and then forgot about it, or changed his/her mind. It happens more often than you can imagine.

fronty said:

Hourly it would cost $100,000 to defend the case.

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You "defend" a case when somebody sues you and you are the defendant. Did you mean to write it that way. Are you being sued? Perhaps you can clarify who is doing what and why.

fronty said:

Would it be possible to find an attorney that would take it on a lot lower contingency?

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Of course it's "possible." Whether it can happen is an anybody's guess. How many lawyers have you interviewed?

fronty said:

The one attorney I have spoken to thinks I have a strong case.

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Why?

adjusterjack said:

You won't get access to anything because there is no record of you being a beneficiary.



Properly filled out doesn't mean it was sent to the insurance company. The insured might have filled it out, set it aside and then forgot about it, or changed his/her mind. It happens more often than you can imagine.

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The insurance company sent out a letter stating why it wasn't processed, so they received the change of beneficiary form. We just don't know why it wasn't processed. That is the information I'm trying to obtain. A representative confirmed that they received it and a letter went out.

fronty said:

The insurance company sent out a letter stating why it wasn't processed, so they received the change of beneficiary form. We just don't know why it wasn't processed. That is the information I'm trying to obtain. A representative confirmed that they received it and a letter went out.

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I'm sure the estate's representative can get the information.

Zigner said:

I'm sure the estate's representative can get the information.

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Maybe not. Life insurance bypasses the estate, does not get probated, and the money passes direct to the beneficiary. The life insurance company claims people would have no more obligation to talk to the estate's representative than it has to talk to anybody else who is not a beneficiary of the policy (unless the beneficiary is the estate).

fronty said:

The insurance company sent out a letter stating why it wasn't processed, so they received the change of beneficiary form. We just don't know why it wasn't processed. That is the information I'm trying to obtain. A representative confirmed that they received it and a letter went out.

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Two options:

1 - Ask the current beneficiary to get the letter and show it to you.

2 - File suit against the life insurance company and get it during Discovery.

fronty said:

Would it be possible to find an attorney that would take it on a lot lower contingency?

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The only way to know that is to talk to some attorneys and make your offer for a lower contingent fee. If the case is strong and the amount of money sufficiently large you may find some firms willing to bite for less than the common one-third contingent fee.

fronty said:

Hourly it would cost $100,000 to defend the case.

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By the way, if you are the one filing the lawsuit (the plaintiff) the term you wanted here is prosecute the case. The insurance company would be the one defending the claim.

fronty said:

The insurance company sent out a letter stating why it wasn't processed, so they received the change of beneficiary form. We just don't know why it wasn't processed. That is the information I'm trying to obtain. A representative confirmed that they received it and a letter went out.

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Was this a typo in your post? If not, who received the letter stating why the change of beneficiary wasn't processed and why won't they share that information with you?