Torchmark Insurance: Company Profile
Headquartered in Minnetonka, Minnesota, Torchmark Group offers a broad spectrum of products and services through seven operating businesses: Torchmarkcare, Ovations, AmeriChoice, Uniprise, OptumHealth, Ingenix, and Prescription Solutions. Through its family of subsidiaries and divisions, Torchmark Group serves approximately 70 million individuals nationwide. In 2008, the company posted a net income of $3 billion.
Have you have recently been in an accident in which either you, the at-fault, or both have been insured by Torchmark Insurance? If so, it is essential that you research past legal cases involving your insurance company if you hope successfully negotiate your own settlement or court case. Research will significantly reduce the risk of repeating mistakes so many others have made when dealing with insurance companies and can highlight pivotal legal strategies might affect the value of your settlement.
Insurance firms are notorious for delaying the release of settlement funds until the very last possible moment. While the ethics of this practice are highly questionable, the practice is unfortunately implemented by an extremely high percentage of insurance companies. This strategy has been devised to improve insurance profits. Insurance companies usually have access to tens of billions of dollars due to high volume revenue and cash flow. Similar to banks, they invest these funds in order to amplify their profits. Even if they are required to pay a settlement, they will hold the money as long as legally possible in a leveraged effort to increase their own profits through the interest they earn on their investments.
In addition to delaying the disbursement of settlement funds, most insurance companies implement many of the following strategies to cut costs and generate profit:
- Nickel and dime smaller individual clients with various charges with the knowledge they cannot afford to investigate their legal options.
- Present clients with a very small initial settlement offer, as many policy holders do not realize they do not have to accept the insurance company’s first offer.
- Wait until the last possible week to disperse funds, as some negotiations can last well over a year.
- If you have sustained personal injuries that will be permanent, it is important to use an expert trial attorney.
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