Life Insurance Lawyer Serving New Mexico
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Boonswang’s team of life insurance lawyers in NM have decades of experience fighting for the rights of beneficiaries.
You already know that people purchase a life insurance policy to ensure the financial well-being of their beneficiaries. Policyholders expect that if they die within the policy term, their loved ones will receive the death benefit.
It is rarely that simple. Just like any other business, life insurance companies must make money for their shareholders and are concerned with their bottom line. They only make money when they collect premiums and delay or deny claims. Therefore, they often expend a great deal of effort to deny or delay payment on valid life insurance claims.
If your life insurance claim was denied or is being delayed, a life insurance lawyer serving New Mexico at Boonswang Law can help you fight back and get the benefits you’re entitled to.
Our New Mexico Life Insurance Lawyers Have Helped Beneficiaries from these Cities and the Surrounding Areas:
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Common Reasons for Life Insurance Claim Denials in New Mexico
Cause of Death is Allegedly Excluded from Coverage
Life insurance policies often contain a list of specific circumstances, known as “exclusions,” under which they won’t pay out. This could include scenarios such as self-inflicted injuries or deaths relating to acts of war or terrorism.
Sometimes, an insurance company might try to deny your claim by linking the policyholder’s cause of death to one of these exclusions, even if the connection is weak. If this happens, we can thoroughly investigate and often demonstrate that the exclusion doesn’t apply, ensuring our clients receive the payout they deserve.
Talk with an Experienced New Mexico Life Insurance Lawyer at Boonswang Law - Free of Charge!
You have been through enough, losing a loved one. Let us handle the life insurance company for you.
Boonswang Law has been helping life insurance beneficiaries throughout New Mexico for decades. Our goal is to get you the death benefits you are entitled to in a timely and efficient manner.
Contact us today for your free, no-obligation consultation. We are ready to fight for you!
Alleged Policyholder Misrepresentation
When purchasing life insurance, applicants fill out forms detailing their age, weight, occupation, health status, and lifestyle habits. This information helps the insurance company evaluate the policyholder’s risk of dying within the policy term and calculate the policy premiums accordingly.
If there’s any error or omission on these forms, the insurance company could accuse the policyholder of misrepresentation to secure a lower premium. They might use this as a basis to cancel the policy and deny your claim.
If you’re facing a claim denial due to alleged misrepresentation, get in touch with us. We have a strong track record of helping clients in this situation secure their payout.
The Policyholder Died Overseas
If the policyholder’s death occurred outside of the U.S., it could cause a delay in the insurance claim process. This can be due to the time taken to obtain a death certificate or issues with the information provided on a foreign death certificate.
If your claim is being unduly delayed because the policyholder died overseas, reach out to us. We can help expedite the process, and you may even be entitled to receive interest due to the hold-up!
The Policy Lapsed Due to Nonpayment of Premiums
Insurance coverage relies on the policyholder making regular premium payments. If they miss these payments, their life insurance could lapse or terminate, leading to a denial of beneficiaries’ claims.
However, a lapse doesn’t necessarily mean you won’t receive a payout. Each state, including New Mexico, has regulations surrounding the termination of life insurance coverage. Sometimes, companies or employers offering group life insurance fail to adhere to these rules. This can result in missed payments that aren’t the policyholder’s fault.
If your claim was denied because the policy lapsed, there might still be a way to secure your payout. Get in touch with us, and we’ll discuss how to move forward with your claim.
Insurance Scams & Bad Faith: What to Watch Out For
Navigating the landscape of life insurance in New Mexico can be tricky, especially when you’re faced with potentially deceptive practices. To help you be prepared, we’ve highlighted some red flags to watch out for.
Indexed Universal Life Insurance
Indexed Universal Life Insurance, while often marketed as a promising investment, can be complex and risky. This policy links your cash value gains to a stock market index, such as the Dow Jones.
While there’s potential for high returns, insurance companies may downplay the associated risks, including market volatility and the likelihood of zero interest in an unfavorable market year. Be sure to grasp the complete picture before choosing this type of policy.
Churning represents an unethical practice where insurance agents or brokers frequently advise clients to switch policies primarily to generate more commissions for themselves. They might misrepresent the benefits of a new policy and conceal potential drawbacks, like increased premiums or a reset of your contestability period.
Always question persistent advice to change your policy unless it offers clear advantages to you.
Insurance Bad Faith
Bad faith in insurance terms occurs when providers fail to uphold their duties to their policyholders. This might involve denying valid claims, unduly delaying payments, or engaging in deceitful tactics. If you feel your insurance company in New Mexico isn’t honoring their obligations, you could be dealing with a case of insurance bad faith.
The legal team at Boonswang Law is adept at spotting and challenging these situations, ensuring you get the justice and benefits you rightfully deserve.
What to Expect When You Hire Boonswang Law’s New Mexico Life Insurance Lawyers
You can expect thorough advocacy and legal representation when you choose Boonswang Law. Here’s what we do for our beneficiary clients, among other things:
- Review the policy terms to determine coverage and exclusions
- Review the denial letter and any other correspondence from the life insurance company
- Investigate allegations made by the life insurance company in denying your claim
- Negotiate with the life insurance company to get you a payout
- Litigate your claim in court if the life insurance company refuses to pay
All life insurance companies employ a team of experts, consultants, and lawyers whose priority is to look out for companies’ profit margins. The more premiums a life insurance company collects, and the fewer death benefit claims they pay out, the more profit they make for their shareholders.
In other words, the interests of the life insurance company are at odds with those of the beneficiaries and policyholders. You can count on the New Mexico life insurance lawyers at Boonswang Law to fight back to get you the death benefits you were meant to receive.
New Mexico Life Insurance Claims FAQ
In most cases, only the policyholder has the right to alter the beneficiary designation. There are rare instances where an individual with power of attorney can make changes.
Policyholders have the right to change their beneficiary at any point. If you suspect the change was forced or fraudulent, however, you can contest it. Insurance fraud is complex to prove, so it’s advisable to reach out to an experienced life insurance attorney for assistance.
No, this is not legal. Any change in beneficiary after the policyholder’s death is deemed fraudulent. If you encounter this, contact an experienced life insurance attorney immediately.
A minor can’t directly receive life insurance death benefits. In such cases, a court-appointed conservator manages the funds for the minor. If a policyholder wishes to ensure a minor receives the benefits, it’s best to set up a trust and appoint the minor as the beneficiary.
If you’re a spouse or ex-spouse who was supposed to be the beneficiary but someone else was named, you can contest it. Reach out to us if you believe you should be a beneficiary – we’re here to help.
If the primary beneficiary passes away before the policyholder, the insurance company will pass the death benefit to the secondary or contingent beneficiary. If no other beneficiaries were named, the benefit goes to the policyholder’s estate.
Don’t accept the denial without contesting it. Life insurance companies frequently reject valid claims. Contact Boonswang Law and we can assist you in fighting the denial.
They might, but it will require some effort on your part. If the lapse wasn’t the policyholder’s fault, you can contest the denial. Contact our NM life insurance lawyers if your claim was denied due to a lapse. We’ll investigate and help you get your payout.
There’s no national database of policyholders, so you’ll need to do some detective work. Check mail for premium notices, look through bank statements for premium payments, or explore any safe-deposit boxes for clues.
Typically, life insurance companies should process the payout within 30-60 days of the claim submission. If it’s been longer, reach out to us. If the company is unnecessarily delaying payment, they may owe you interest on the death benefit.