Do you have too much time on your hands?

“Attorney General Cuomo;

I recently read coverage regarding the handling of life insurance claims by Prudential and Metropolitan Life Insurance Companies pertaining to veterans and government employees.  I am typically very proud of New York State’s stance on consumer rights advocacy.  As an independent life insurance agent myself I often tell my clients about how the NYS Buyers Guide and Regulation 60 are there to protect them.  When I first read an article on MarketWatch (Dow Jones Co) regarding the mishandling of veterans’ claims and that NYS was taking the lead I thought I would be impressed and once again proud.

Only sentences in, I was not.  It is a common practice of life insurance company to issue check books instead of checks to the beneficiaries of policies as it is often a very difficult thing for a family to do, cashing “that check”.  It is an admission of a loss, the greatest loss which can faced, the loss of a life.  Issuing a checkbook allows people to write checks (whether to their own accounts or elsewhere) to pay for things as they come up.  It never forces beneficiaries to cash “that check”, one which is often six or seven digits, larger than the largest check a consumer will ever receive, and with it, the realization that a loved one has passed comes along with signing the back.

On the unfair interest rate. 0.5%?  Ok what money market or saving account is paying more than that these days?  Sure there are some online accounts paying more, but a 12 month CD isn’t paying that much (have seen 0.6%, but the range starts much lower).

I understand you, Mr. Attorney General are running for Governor right now and I understand you feel this may be a way to win voters over.  As a resident and voter (never missed an election, had to write in from Florida in 2004), I do not feel this type of distraction from the Budget Crisis New York has is really warranted.

I appreciate the Office of the Attorney General looking out for the consumer of the State of New York, I would also appreciate the State of New York focus on its problems as well.

Regards,

Michael Tyrpak