We do not handle social security disability claims
Recent Post

Cigna Disability Policy Concerns After New York Life Acquisition

WRITTEN BY:
Justin Frankel
June 25, 2023 | News
Over $250 Million Recovered for Our Clients

New York Life Purchases CIGNA’s Group Life & Disability Business

At the start of 2021, insurance giant New York Life completed its 2020 purchase of CIGNA’s group life, accident, and disability business for $6.3. billion, adding nine million customers and creating a new entity: New York Life Group Benefit Solutions. The transaction closed in early January and shortly thereafter, CIGNA disability policyowners began receiving correspondence from New York Life representatives. The Law Office Of Justin Frankel, PC has worked with many New York Life claims adjusters and attorneys in matters regarding New York Life’s disability policies, so we have experience with how this company maintains control of disability claims. We found it interesting to see the president of New York Life on social media in January, making it clear that the company’s chief interest in the transaction was the group disability insurance market.

man in a wheel chair playing with his daughter outside in the sun - The Law Offices Of Justin Frankel

Concerns Over Changes to Cigna Disability Policy?

If you own a Cigna disability policy, or have group coverage through your employment with CIGNA or LINA (Life Insurance Company of North America), and are concerned about how this change may affect your benefits or your policy dispute, please call our office at 888-583-4959 to speak with an experienced disability attorney. New York Life, the largest mutual life insurance company in the country, has sold LINA disability insurance policies through large professional associations for many years, and as such has a deep understanding of disability insurance as a profit center.

What Does The Acquisition Mean For Disability Claim Denials

The purchase brings Cigna’s 3,000 employees, about 9 million disability plan policyholders, a 90% client retention rate and a 71% return-to-work rate for employees receiving short term disability insurance benefits, according to a recent article on Think Advisor. Our experience with New York Life includes battling for claimants whose association disability insurance policies have been denied for a variety of reasons, and we have no doubt that New York Life will translate the same strategies to their new Cigna-acquired claimants.

New York Life Insurance and Cigna Group Partnership

The acquisition isn’t the end of the partnership. The two giants have also entered into a multi-year collaboration that will combine health coverage with other types of group benefits. People who have their health insurance through Cigna are likely to be targeted prospects for other insurance services. New York Life insurance company is the largest mutual life insurance in the United States, and New York Life Group Benefit Solutions products and services are provided exclusively by or through Life Insurance Company of North America (“LINA”) or Cigna Life Insurance Company of New York (New York, NY) (“CLICNY”), or by or through affiliates or subsidiaries of Cigna Corporation and reinsured by LINA. Industry media reports Cigna’s reason for the transaction was to support its shift to growing health benefits and services areas following the acquisition of Express Scripts in 2018. The company wanted a substantial infusion of cash to grow the Medicare Advantage area in the face of steep competition from companies including UnitedHealth Group, Anthem, Humana, and CVS Health’s Aetna, who are also targeting this area.

disability insurance claim form with glasses on top - The Law Offices Of Justin Frankel

Fighting a New York Life Disability Claim Denial?

A similar acquisition took place in 2017, when Aetna sold its life and disability business to The Hartford Group for $1.45 billion in cash. The Law Office Of Justin Frankel, PC represented many claimants who had a disability insurance policy with one company, only to find themselves insured by another company whose first priority is to clean house and maximize profits following the sale. If you were a Cigna disability insurance policy owner and are concerned about how the purchase by New York Life may impact your benefits, contact us at 888-583-4959 or fill out our online contact form.

Justin C Frankel

Written By Justin Frankel

Attorney

Justin C. Frankel is committed to fighting for the rights of clients when their long term disability insurance claims have been denied, delayed or terminated.


Client Testimonials

Rating stars 5.0 Average on Martindale & AVVO
  • We know how important our work is to the people we represent, and we’re pleased to share this recent note from a client. Dear Justin and Christina, I wanted to take a moment to express my sincere g…
  • Our 60-year-old client worked for the world’s largest out-of-home advertising company as a Senior Buyer and outdoor furniture supplier, doing everything necessary to manage a contract for twenty ye…
  • Successful ERISA Appeal of Cigna Denial for High-Ranking Aviation Executive from Florida A 61-year old woman with a prestigious role at a leading aviation company never imagined she would stop work…
  • ERISA Case Headed to Trial in Federal Court – Barber v. Sun Life & Health A Federal Judge in Connecticut has scheduled a trial with live witnesses in an ERISA case, to be decided under the arbi…
  • F&N Resolves a Four Year Delay in UNUM Lump Sum Settlement Matter We were contacted by a 56 year-old man from Maryland who had been trying to negotiate a lump sum settlement of his private disa…
  • Our client, a successful New York dentist, was on claim for a number of years with Trustmark Insurance, due to severe orthopedic issues, which did not permit him to safely and effectively practice …
  • “OK, now that I have had a chance to calmly review the documents, I just wanted to thank you for all of your help. I am certain that if I would have tried to do this myself, I would not have had th…
  • The Law Office of Justin Frankel Navigates Complex Issues, From Claim Preparation to Lifetime Management, for Chiropractor A New York chiropractor in his mid-50s was concerned about complex issues …