Life insurance is the lifeline millions of Americans leave their loved ones in a time of crisis when they are grappling with so many things at once. From dealing with the death of a loved one to trying to figure out how to live their day to day lives such as paying for the mortgage, food, funeral expenses, medical expenses and other crucial costs that so many do not want to worry about. For thousands, this crucial safety net is what keeps them from worrying about their lives and instead allows them to grieve in a manner that is authentic to them.
What is a life insurance policy?
is a policy granted by a life insurance company to the person who seeks life insurance based on a certification of health and a payment of premiums in accordance with the terms of the life insurance policy. The natural conclusion of the life insurance policy, as long as premiums are paid on time, is that once the insured passes away, there will be a payout to the beneficiaries designated by the insured within a reasonable timeframe. However, when there is a denial of a life insurance claim, this payout never happens which can leave beneficiaries frustrated and scared for their financial future.
What is a life insurance policy beneficiary?
What are some possible reasons for denial of a life insurance policy claim?Life insurance policies notoriously have exclusions that while not always iron clad, these exclusions often lead to a denial of a life insurance policy claim. They can be difficult to overcome without the help of an experienced lawyer. One of the widely known exclusions to a life insurance policy is the suicide exception which allows the company to deny a life insurance claim died due to the fact they inflicted harm on themselves intentionally that was likely to lead to death. However, this is not the only reason a life insurance company would deny a life insurance policy claim. Some life insurance policy claim denials may emanate from the fact that the death, while natural, occurred outside the policy term making the coverage inoperative at the time of death. A life insurance policy claim may also be denied if it is discovered there was fraud, misrepresentation, or a material omission in the application itself. Any of these three allegations can materially impact whether or not the company would have provided coverage in the first place and thus totally void the policy if any one of those three are proven. When it comes to a possible reason for denial of life insurance policy claims, insurance companies have a bevy of reasons to rely on when not paying out money that beneficiaries deserve. What do I do if I have questions about a denial of a life insurance policy claim?Thousands of Americans have been in a place where they don’t know what to do after a life insurance policy claim they were relying on has been denied.
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February 2022
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