FOR DECADES, OUR TEAM OF LIFE INSURANCE LAWYERS HAVE HELPED NC RESIDENTS RECEIVE THE LIFE INSURANCE BENEFITS THEY ARE OWED.
A policyholder purchases a life insurance policy to ensure the financial well-being of loved ones. Some business owners purchase life insurance to make it possible for co-owners of a business to continue operations if they die.
You would think that life insurance beneficiaries automatically receive the death benefit once the policyholder dies. This is not always the case. Life insurance companies thwart the goals of the policyholder by unfairly and incorrectly denying or delaying payment on life insurance claims. If you feel your life insurance claim was wrongly denied or delayed, the GA life insurance lawyers at The Boonswang Law Firm can help.
OUR NC LIFE INSURANCE LAWYERS HAVE HELPED BENEFICIARIES IN AND AROUND THESE CITIES:
COMMON REASONS LIFE INSURANCE COMPANIES DENY CLAIMS IN NC
Lapse in Life Insurance Coverage
As long as a policyholder pays premiums, the life insurance company provides coverage. If the policyholder fails to pay premiums, coverage lapses.
That’s not the end of the story. In many instances, further investigation shows that the lapse in coverage was not the policyholder’s fault. For example, the life insurance company may have failed to send the policyholder the required notices of lapse, or the policyholder’s employer failed to provide conversion documents or otherwise did not administer the group life insurance coverage properly. Our experienced life insurance attorneys have gotten many clients paid under these circumstances.
Death Due to Policy Exclusion
Every life insurance policy will have a list of causes of death that are excluded from coverage. Common exclusions include suicide and death by acts of war or terrorism.
If there is even a slight chance an exclusion might apply, the life insurance company will deny your claim. Under these circumstances, we investigate and often find that the cause of death is not in fact excluded, and we have gotten our clients paid.
Misinterpretation of Policy Terms and Provisions
It is very common for life insurance companies to interpret the terms of the policy in such a way as to deny beneficiaries’ claims. Remember, they only make money for their shareholders when they don’t pay claims!
Misrepresentation on the Part of the Policyholder
If the policyholder fails to disclose all health conditions or lifestyle habits, or makes a mistake on the initial application for life insurance or the medical questionnaire, the life insurance company will allege that the policyholder misrepresented themselves in order to get a lower premium payment, retroactively cancel the policy, and deny beneficiaries claims.
In these cases, we investigate and if the alleged misrepresentation had nothing to do with the cause of death, we can often get our clients paid. Even if the misrepresentation was related to the cause of death, we have been able to get our clients paid the death benefit minus the amount the policyholder would have paid in premiums had the life insurance company known of the missing fact.
WHAT YOU CAN EXPECT WHEN YOU WORK WITH BOONSWANG LAW
Our team of experienced NC life insurance lawyers promise to:
- Review the terms of the life insurance policy to determine coverage and exclusions, and explain these to you
- Review and correspondence from the life insurance company to identify the reasons reasons for a delay or denial of your claim for death benefits
- Investigate claims and allegations made by the life insurance company in denying your claim to refute or cast doubt on those claims
- Negotiate with the life insurance company to get you a payout despite the claim denial
- Litigate your claim in court when life insurance company is acting unreasonably or dishonestly in delaying or denying the payment of your valid claim
Life insurance companies are incentivized by their profit margin. The more premiums a life insurance company collects and the fewer death benefit claims they pay out, the more money they make for its shareholders. In other words, the interests of the life insurance company are at odds with yours and your family’s.
The life insurance lawyers at Boonswang Law will fight for you to get you the death benefits you deserve after your loved one’s death.
FREQUENTLY ASKED QUESTIONS ABOUT LIFE INSURANCE IN NC
WHO IS ALLOWED TO CHANGE A LIFE INSURANCE BENEFICIARY IN NC?
Only the policyholder. If anyone else tries to change the policyholder’s designation, this is fraudulent. Contact an experienced life insurance attorney to help you contest this fraudulent beneficiary change.
WHAT HAPPENS IF A LIFE INSURANCE BENEFICIARY DIES BEFORE THE POLICYHOLDER?
It depends upon whether the policyholder designated a co-beneficiary, a secondary beneficiary, or a contingent beneficiary. If there are other beneficiaries, the life insurance company will pay the death benefit to them in the absence of the primary beneficiary. If the policyholder did not designate secondary or contingent beneficiaries, the life insurance company will pay the death benefit to the policyholder’s estate.
HOW CAN I FIND OUT IF SOMEONE HAD A LIFE INSURANCE POLICY?
If you suspect a loved one had a life insurance policy but don’t know for sure, you will have to investigate because there is no nationwide database of policyholders, unfortunately. Look through your loved one’s important papers and bills for evidence of a life insurance policy. Also, look through bank account statements for evidence of premium payments.
CAN I SHARE LIFE INSURANCE BENEFITS WITH MY SIBLINGS?
There is no law preventing a beneficiary from sharing their payout with anyone. It is common for a policyholder to name one child as a beneficiary, and nothing prevents you from sharing the death benefit with your siblings.
THE BENEFICIARY WAS CHANGED JUST BEFORE THE POLICYHOLDER’S DEATH, CAN I CONTEST IT?
You have the standing to contest a beneficiary change if you are the prior named beneficiary. If you think the change was made fraudulently or under duress, contact an experienced life insurance beneficiary attorney for help.
THE LIFE INSURANCE POLICY LAPSED, CAN I STILL RECEIVE DEATH BENEFITS?
If the lapse was not the fault of the policyholder, you may still get the payout. We have gotten clients paid when the policy lapsed due to the employer’s failure to give the policyholder conversion papers or failure to properly administer the policy, when the life insurance company failed to send the policyholder the legally-required notices of lapse, and when the policyholder was eligible for disability waiver of benefits but did not get that waiver.
CAN THE BENEFICIARY ON A LIFE INSURANCE POLICY BE CHANGED AFTER THE POLICY HOLDER’S DEATH?
Never. If the beneficiary was changed after the policyholder’s death, that change was fraudulent. Contact an experienced life insurance beneficiary attorney immediately for help.
CAN AN EX-SPOUSE CONTEST A LIFE INSURANCE POLICY?
Yes, if they were supposed to be the beneficiary for any reason and someone else was named. Often policyholders are under court order to name an ex-spouse as beneficiary to insure that support payments are made after their death.
THE LIFE INSURANCE COMPANY SAYS MY LOVED ONE COMMITTED SUICIDE, BUT I DON’T THINK SO – WHAT CAN I DO?
Suicide is a common exclusion and if there is even a remote possibility that your loved one committed suicide, the life insurance company will deny your claim for death benefits. In these cases, we look at the death certificate and investigate the cause of death to determine whether the death was in fact self-inflicted. We have gotten many clients paid when death appeared to be suicide but was not.
Contact Our Team of Life Insurance Attorneys Today
Has your loved one’s life insurance death benefits claim been denied? Contact us for a free consultation at Boonswang Law. Our life insurance lawyers have helped clients like you recover the funds they legally deserve from insurance companies. If you don’t receive the full amount from the policy that’s due, there is no fee for us. We are here to help you.