Choose Boonswang Law’s Team of AR Life Insurance Lawyers to Fight for You!
Free Consultation! An AR Life Insurance Lawyer at Boonswang Law is Waiting to Discuss Your Life Insurance Claim With You
Our team of Arkansas life insurance lawyers have assisted people throughout AR get their life insurance claim paid.
Life insurance works like this – a policyholder wants to ensure the financial stability of a loved one or loved ones. They purchase a life insurance policy and pay premiums to maintain coverage until the policy term ends or the policyholder dies. If the policyholder dies within the coverage term, their beneficiaries receive the death benefit.
Unfortunately, life insurance beneficiaries do not automatically receive their payout when the policyholder dies. Life insurance companies only make money when they deny or delay paying claims, often unfairly and incorrectly. In this way they thwart the wishes of their client, the policyholder.
If you are struggling to file your claim, or your claim was denied or is being delayed, the AR life insurance lawyers at Boonswang Law can help you.
Our AR Life Insurance Lawyers Have Helped Life Insurance Beneficiaries From These Cities and the Surrounding Areas:
Reasons AR Life Insurance Claims are Denied
The Policyholder’s Coverage Excluded the Cause of Death
Every life insurance policy will list causes of death that are excluded from coverage, called “exclusions.” The exact list of exclusions will vary between life insurance companies and even between individual policies, however, death from self-inflicted injuries and death from acts of war or terrorism are common exclusions in a life insurance policy.
Often, when a life insurance company alleges that an exclusion applies to the policyholder’s death and denies a claim, we investigate further and can show that the exclusion does not apply..
The Policy Lapsed Due to Nonpayment of Premiums
A policyholder must pay premiums as they come due in order to maintain life insurance coverage. If the policyholder fails to pay premiums the policy will lapse and life insurance coverage will end.
If your claim has been denied due to lapse, don’t just take no for an answer. Terminating life insurance coverage is highly regulated in every state including Arkansas. Frequently life insurance companies and employers who provide group life insurance coverage to their employees fail to follow those regulations, resulting in nonpayment of premiums that is not the fault of the policyholder.
When a policy lapses and that lapse was not the fault of the policyholder, we have been able to get our beneficiary clients paid.
The Life Insurance Company Misinterpreted the Policy Terms
It is quite common for life insurance companies to interpret the terms of the policy in such a way as to deny beneficiaries’ claims for death benefits. Remember, life insurance companies only make money for their shareholders when they collect premiums but deny death benefit claims.
The Life Insurance Company Alleges Misrepresentation
Insurers require policyholders to disclose all personal information such as name, date of birth, address, occupation, health history, and lifestyle habits and hobbies. The insurance adjusters calculate the degree of risk the policyholder will die within the policy term based on this information. Those at greater risk of dying within the policy term pay more in premiums than those at less risk.
If the policyholder omitted information or lied on their initial application for life insurance, the life insurance company will allege that the policyholder misrepresented themselves in order to get a lower premium payment. The life insurance company then uses that alleged misrepresentation as an excuse to retroactively cancel the policy and deny beneficiaries’ claims.
We have been able to get our beneficiary clients paid under these circumstances after we investigate. If your life insurance claim was denied due to misrepresentation, call us.
What You Can Expect from the AR Life Insurance Lawyers at Boonswang Law
When you choose to work with Boonswang law to get your life insurance claim paid, you can rely on our team of experienced AR life insurance lawyers to:
- Review the life insurance policy to determine coverage and exclusions, and explain any problems in coverage to you
- Correspond with the life insurance company and identify the reason or reasons for delay or denial of your claim for death benefits
- Negotiate with the life insurance company to get your claim paid
- Investigate the allegations made by the life insurance company in denying your claim
- Fiercely litigate your claim against the life insurance company when necessary
Life insurance companies seek to make a profit for their shareholders, just like any other type of business. If the life insurance company collects more in premium payments than they pay out, the more money they make. In other words, the interests of the life insurance company are at odds with the interests of policyholders and beneficiaries.
The AR life insurance lawyers at Boonswang Law Firm will fight to get you the death benefits you deserve after your loved one’s death.
Frequently Asked Questions About Life Insurance in AR
How Much Time Do I Have to Dispute a Life Insurance Claim Denial?
60 days if it was an employer-sponsored group life insurance policy. For all other life insurance, there is no time limit. However, the sooner you dispute a denied life insurance claim the better because we will have a better chance of collecting evidence that your claim should be paid.
How Do I Find Out If My Loved One Had A Life Insurance Policy?
You will have to investigate on your own as there is no nationwide database of policyholders. Try searching the contents of your loved one’s safe-deposit box and their desk drawers. Also try looking through your loved one’s recent mail for premium notices and through bank account statements for evidence of premium payments.
Can I Receive a Payout on a Lapsed Life Insurance Policy?
It is possible to receive the death benefit if the lapse was not the fault of the policyholder.
For example, if the policyholder was eligible for disability waiver of premium and did not get it, the beneficiary may still get paid. If the life insurance company failed to send the policyholder the legally-required notices of lapse, the beneficiary may still get paid. If an employer failed to give the policyholder conversion papers or improperly administered the policy, the beneficiary may still get paid.
Who has the Power to Change the Beneficiary Designation on a Life Insurance Policy in AR?
Only the policyholder. If someone else changed the beneficiary, this is fraud. Contact an experienced AR life insurance attorney immediately to help you contest that change of beneficiary designation.
What Happens if a Life Insurance Beneficiary Dies Before the Policyholder?
When the primary beneficiary dies before the policyholder, the life insurance company will pay the death benefit to the secondary beneficiary or the contingent beneficiary. If the policyholder did not designate secondary or contingent beneficiaries, the death benefit can pay to the policyholder’s estate and becomes to the claims of the policyholder’s creditors.
A policyholder can avoid this by keeping their beneficiary designation up-to-date.
What if there is No Beneficiary on a Life Insurance Policy?
As in the situation when the named beneficiary has predeceased the policyholder and there are no contingent or secondary beneficiaries, the life insurance company will pay out to the policyholder’s estate.
Can I Share Life Insurance Benefits with My Siblings?
Yes, and you can share life insurance proceeds with anyone you choose. It is common for a policyholder to name one child as a beneficiary and for that child to share with siblings.
Can I Contest Death Benefits if the Beneficiary Changed Recently?
First, know that the policyholder can change their beneficiary designation at any time up until death. However, you can and should contest a beneficiary change if you suspect a fraudulent change, if the change happened under duress, or if the mental health of the policyholder was failing.
This type of case is very difficult to prove, so be sure to contact an experienced life insurance beneficiary attorney for help.
Can the Beneficiary on a Life Insurance Policy Change After the Policyholder’s Death?
Not under any circumstances. A beneficiary change after the date of the policyholder’s death is fraudulent. Contact an experienced life insurance beneficiary attorney immediately.
Can a Spouse Contest a Life Insurance Policy?
Yes, if the spouse should be the beneficiary for any reason but the policy named someone else, or if the beneficiary changed to someone else under duress or fraudulently.
Contact the AR Life Insurance Lawyers at Boonswang Law Today to Discuss Your Life Insurance Claim
For decades our experienced life insurance attorneys have been helping life insurance beneficiaries get their claims paid. Don’t let insurance companies take advantage of you! They have a team of lawyers on their side – you need a team of lawyers on your side too, and we are ready to fight for you. Your initial no-obligation consultation is free of charge. Call us to discuss your life insurance claim.