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Understanding Life Insurance, Cancellation, & Legal Recourse with Insurance Expert Phil Sokowicz

Insider Monkey Interviews
·3 mins read

Though life insurance plans from MetLife, Prudential, Northwestern Mutual, New York Life, and other leading companies can come to rescue in tough financial times, it is crucial to be well informed when making important life decisions. We live in an era where large corporates and conglomerates wield both power and clout. In such situations, it is often difficult for people to get what’s rightfully theirs. Insurance or healthcare policies have specific terms and conditions which often create issues in the long run. This scenario is especially true when people face barriers due to a lack of knowledge of cancellation policies. We connected with Insurance Expert Phil Sokowicz, founder of a leading German legal tech startup Helpcheck, to understand the nuances of the cancellation policies for life insurance:

Phil Sokowicz

Q: Hello, Phil, what should an insurer do when he finds a faulty contract?

Phil: Most people decide on life insurance as their security blanket so that when they retire, they don’t have to depend on anyone financially. You may have planned the same thing while concluding your insurance back during the 1994-2007-period. Now that you find yourself with a faulty contract, you may have many questions in mind.

The best advice for you is to contact an expert to understand what options you have.

Q: How are you helping people fight for their right?

Phil: Leading an independent life can make you mentally happy. As generally say that mental health will keep you physically fit too. If you constantly think about the money you’ve lost from your life insurance, your mind will fall sick. Instead, you must hand over your case to a “justice-as-a-service” platform that works for your consumer rights. It is important for you and the millions who received empty promises by the insurance companies to stand up against those powerful corporations.

Q: Why you think it is crucial for people to take legal recourse?

Phil: Financial liabilities can work like a slow poison in the lives of thousands of people. They think of every day as their last day on earth. This is not the way to live. These thoughts will eat you alive. But what if you get a meaningful compensation for the revocation of your life insurance? It allows you to pay all your debt quickly. Don’t you want to live a life free from debts? If you do, then you must take legal recourse and register a complaint.

Q: How does Helpcheck help insurers get compensation from insurance companies?

Phil: Most people don’t have the resources or time to take a large company to court. Even if their claim is successful, hiring a legal team is expensive, and by the time the case is concluded, most of the payout will have been eaten up in fees.

Using advanced technology, ‘Justice as a Service’ companies like Helpcheck are able to provide on-demand services to fight large companies and provide compensation for their clients.