BOONSWANG LAW HAS A TEAM OF EXPERIENCED NJ LIFE INSURANCE LAWYERS WHO ARE READY TO FIGHT FOR YOUR BENEFITS
Contact a NJ Life Insurance Lawyer at Boonswang Law to Set up A Free Consultation
When people purchase life insurance policies for themselves, their goal is taking care of their dependents in the event of the policy holder’s death. Unfortunately, however, filing a claim for death benefits isn’t always easy. Many beneficiaries find the process to be confusing, or even worse, learn that the life insurance company denied their payout.
A life insurance lawyer can work with a policy holder to understand which policy is best for them. Life insurance lawyers can also help ensure that beneficiaries get the benefits they deserve.
WE HAVE HELPED LIFE INSURANCE BENEFICIARIES THROUGHOUT NEW JERSEY, INCLUDING THESE AREAS AMONG OTHERS:
WHY CAN A LIFE INSURANCE CLAIM BE DENIED IN NJ?
Just because someone has a life insurance policy doesn’t mean that their beneficiary will automatically receive death benefits after the policyholder’s death. There are several reasons in NJ why a life insurance company may refuse to pay death benefits.
In some cases, insurance companies will purposely misinterpret information in an attempt to deny a life insurance claim. In these instances, it is essential to hire a NJ life insurance attorney to protect your interests.
PREMIUMS WERE NOT PAID
Life insurance policies typically have a premium that the policyholder must pay each month in order to maintain coverage. Unpaid premiums can cause coverage to lapse, resulting in subsequent claims being denied. However, it’s important to note that a missed premium may not automatically disqualify a beneficiary from receiving death benefits.
If you believe that a life insurance company has unfairly denied your claim over an unpaid premium, contact a life insurance lawyer at Boonswang Law to discuss your situation.
Most life insurance policies state that death as a result of self-inflicted injuries. Sometimes, however, an insurance company will attempt to wrongfully classify someone’s death as self-inflicted.
There are instances where an insurance company will try to cancel a claim after a policyholder’s death so they can avoid paying the beneficiary. Boonswang Law has decades of experience with types of cases and can help you if an insurance company wronged you.
WHAT TO EXPECT WHEN YOU HIRE A NJ LIFE INSURANCE LAWYER AT BOONSWANG LAW
If you’ve never worked with a life insurance lawyer in NJ, you may not know what to expect. There are several benefits to working with a life insurance lawyer instead of trying to handle issues with a life insurance policy on your own. Below are some ways a NJ life insurance lawyer can assist you:
- Go through the terms of the policy to explain coverages and exclusions
- Review denial letters or any other documentation you’ve received from the insurance company to see why they denied or delayed your claim
- Pursue your claim in court if necessary
- Investigate allegations made by the insurance company in an attempt to deny your claim
FREQUENTLY ASKED ALASKA LIFE INSURANCE QUESTIONS
WHO CAN CHANGE THE BENEFICIARY ON A LIFE INSURANCE POLICY IN NJ?
In general, the policyholder is the only person who can legally change the beneficiary on a life insurance policy. In some instances, a person who has power of attorney over the policyholder may make changes to the policy.
Keep in mind that no changes can be made to a life insurance policy after the policyholder’s death.
HOW LONG DO I HAVE TO DISPUTE A LIFE INSURANCE CLAIM DENIAL?
New Jersey law states that you have two years to file a dispute in the event of a life insurance claim denial. Having a life insurance lawyer handle your dispute is highly recommended so you can feel confident that everything is being done correctly.
WHAT HAPPENS IF THE BENEFICIARY ON A LIFE INSURANCE POLICY IS NO LONGER LIVING
In some situations, both the policyholder and the beneficiary have passed away. If a policyholder makes no provisions for a secondary or contingent beneficiary, the benefits may pay to the policyholder’s estate.
WHAT HAPPENS WHEN A LIFE INSURANCE POLICY LISTS A MINOR AS THE BENEFICIARY?
In some cases, a life insurance policy lists a minor as the beneficiary. If the beneficiary is still a minor when the policyholder passes away, the courts will usually choose a custodian to oversee the minor beneficiary’s death benefits. The policyholder can also appoint a custodian.
Nothing can really be done to stop the custodian from using the minor’s inheritance for their personal gain. It is often recommended that the policyholder set up a trust and designate the minor as the beneficiary of the trust. We suggest hiring an estate planning attorney to help you understand the legalities of setting up a trust
HOW WILL I KNOW IF MY LOVED ONE HAD A LIFE INSURANCE POLICY?
Unfortunately, there is no easy answer to this question. There is no nationwide online database that lists every person who has purchased a life insurance policy. If you’re unsure whether your deceased loved one had a life insurance policy, there are a few things you can do to find out. If possible, contact their employer to ask if they offered group life insurance coverage as a benefit of working there. You might also look through old documents in search of life insurance paperwork and review bank statements to locate paid insurance premiums.
Please remember: if a life insurance policy lists you as the beneficiary, you are responsible for notifying the insurance provider of the policyholder’s passing.
CAN I SHARE THE DEATH BENEFITS WITH MY SIBLINGS IF I AM THE ONLY NAMED BENEFICIARY?
There may be cases where a policyholder has chosen to list only one of their children as a beneficiary on their life insurance policy. Although the beneficiary will not be able to add their siblings to the policy after the policyholder’s death, there’s nothing stopping them from sharing their benefits once they pay out.
CAN YOU CONTEST DEATH BENEFITS IF THE BENEFICIARY CHANGED RECENTLY?
In general, it can be difficult to contest last minute changes made to a life insurance policy. Policyholders can change beneficiaries while they are alive as long as they are of sound mind and not under duress when they make the changes.
Irrevocable beneficiaries, however, are an exception to this role. The term irrevocable beneficiary usually refers to the policyholder’s spouses and children. Divorce or estrangement does not remove this status. An irrevocable beneficiary must approve all policy changes that affect their benefits. Some policies may even require them to consent to all changes.
If an insurance company notifies you that you were removed as an irrevocable beneficiary from a life insurance policy, you may be able to contest this.
CAN I STILL RECEIVE DEATH BENEFITS IF THE INSURANCE POLICY HAS LAPSED?
Life insurance policies typically have a grace period for unpaid premiums, so you may still be able to receive death benefits even if the policyholder missed a payment. A life insurance lawyer at Boonswang Law can help you understand what your rights are.
CAN THE BENEFICIARY ON A LIFE INSURANCE POLICY BE CHANGED AFTER THE POLICY HOLDER’S DEATH?
No. The policyholder generally is the only person who can make changes to the policy. If you receive paperwork showing that the beneficiary changed after the policyholder’s death, it is most likely fraudulent.
CAN A SPOUSE CONTEST A LIFE INSURANCE BENEFICIARY DESIGNATION?
In some cases, yes. With a divorced or remarried policyholder, confusion may arise over who gets what. A life insurance lawyer can explain what you’re entitled to as the deceased’s spouse or former spouse.
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.