What to do if your Life Insurance Claim is Denied
Life insurance is an essential financial tool that provides security and protection to your loved ones in the event of your untimely death. Unfortunately, even with a life insurance policy, it's possible for a claim to be denied. If your life insurance claim has been denied, you may be feeling overwhelmed and unsure of what to do next. The Law Offices of Jason Turchin is here to help. In this article, we'll discuss the reasons why a life insurance claim may be denied, the types of life insurance policies available, and how to file a life insurance lawsuit. If you have any questions or need help with filing a life insurance claim, call us today at 800-337-7755 or Chat with us for a free consultation. We handle cases throughout the country and can be found by searching for a Florida life insurance lawyer, NJ life insurance lawyer, NY life insurance attorney and more.
Reasons why a life insurance claim may be denied
There are several reasons why a life insurance claim may be denied. Some common reasons include:
Material misrepresentation - If the policyholder provided inaccurate information on their life insurance application, such as failing to disclose a pre-existing medical condition, the claim may be denied.
Suicide clause - Most life insurance policies have a suicide clause that states if the policyholder dies by suicide within a certain time frame, usually within two years of purchasing the policy, the claim may be denied.
Non-payment of premiums - If the policyholder fails to make premium payments, the policy may lapse, and the claim may be denied.
Exclusions - Some life insurance policies have exclusions for certain types of deaths, such as deaths resulting from high-risk activities like skydiving or bungee jumping.
Beneficiary change - When a policy owner makes a change close to the time of death, one or more removed beneficiaries may try to challenge the beneficiary change.
Former spouse claims - In many states, a former spouse is deemed to predecease their former spouse for purposes of life insurance. There are arguments on both sides and a life insurance lawyer can help work through who may be entitled to the benefits.
Types of life insurance policies
There are several types of life insurance policies available, including:
Term life insurance - Provides coverage for a specified period, usually between 10-30 years.
Whole life insurance - Provides coverage for the policyholder's entire life and includes a cash value component.
Universal life insurance - Similar to whole life insurance but often with more flexibility in terms of premium payments and death benefits.
How to file a life insurance lawsuit
If your life insurance claim has been denied, you may have the option to file a life insurance lawsuit. The first step is to consult with an experienced life insurance attorney who can review your policy and help determine if you have a valid claim. If it's determined that your claim was wrongfully denied, your attorney can file a lawsuit against the insurance company on your behalf.
During the lawsuit, your attorney can work to prove that the insurance company acted in bad faith by denying your claim without a valid reason. This may involve gathering evidence, such as medical records, witness statements, and expert testimony. If successful, the lawsuit may result in a settlement or judgment in your favor, which could include the payment of the life insurance policy benefits as well as interest.
In conclusion, if your life insurance claim has been denied, it's essential to consult with an experienced life insurance attorney. The Law Offices of Jason Turchin is here to help. Our team of attorneys has the knowledge and experience necessary to help you navigate the complex world of life insurance claims and lawsuits. Contact us today to schedule a consultation.