Life Insurance Lawyer Serving NY

The Benefits of Working With An Experienced NY Life Insurance Attorney

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Filing a life insurance claim seems like a pretty straightforward process at first. However, once life insurance beneficiaries start to file a claim, they often realize that receiving a life insurance payout isn’t as simple as it seems. 

If you’re dealing with the death of a loved one, money is the last thing you need to worry about. This is why hiring a life insurance lawyer is essential. Boonswang Law can help you receive the funds you deserve. If you need an experienced life insurance lawyer serving NY, you can feel confident that Boonswang Law has your best interests at heart.

Our life insurance beneficiary lawyers help people with their life insurance claims throughout the state of NY, including but not limited to those living in and near:

Contact Boonswang Law Today to Discuss Your Life Insurance Claim with an Alabama Life Insurance Lawyer

Common Denial Reasons For Life Insurance Claims in NY

Though having a life insurance policy is an excellent way to protect loved ones after death, there are cases in which the policy may not be paid. Below is a detailed list of why an insurance company may refuse to pay death benefits in NY.

Lack of Documentation

Though having a life insurance policy is an excellent way to protect loved ones after death, there are cases in which the policy may not be paid. Below is a detailed list of why an insurance company may refuse to pay death benefits in NY.

Contact the NY Life Insurance Lawyers at Boonswang Law to Help You Get The Money You Are Entitled To.

The process of filing a life insurance claim or contesting a claim denial can be emotionally exhausting. The life insurance attorneys at Boonswang Law are here to support you. We’ll file appeals, negotiate on your behalf, and advocate for your rights to compensation. Call Boonswang Law today at (855) 865-4335—we’re here for you.

Unpaid Life Insurance Premiums

Life insurance coverage typically lapses when the premium isn’t paid. If the covered person passes away without having paid their premium, it could mean that the beneficiaries are no longer entitled to death benefits.

Policy Exclusions

Legally, insurance policies must contain exclusions, and life insurance policies are no exception. Exclusions are actions that render the insurance policy void, such as risky behaviors like skydiving or aviation. If, for example, the policyholder dies in a skydiving accident, the insurance company does not legally have to pay the beneficiaries. 

A life insurance lawyer can help you review a policy to better understand what is excluded.

Unfortunately, because life insurance companies only make money when they don’t pay life insurance claims, they are quick to cite one of these reasons or another invalid reason to delay or deny your claim. We have helped many NY life insurance beneficiary clients get their claim paid when it was initially denied. Contact us to find out if you, too, can get paid.

Insurance Scams & Bad Faith: What to Watch Out For

When applying for life insurance, it’s important to understand that insurance companies make every effort to avoid paying out on policies. Some companies even act in bad faith to protect their bottom line. 

Here are a few of the most common scams to watch out for when taking out life insurance.

Indexed Universal Life Insurance

Indexed universal life insurance (IUL) policies are purposely misleading and complex. They promise to increase the value of your policy by placing some of the funds in an S&P 500 or NASDAQ account. While this can lead to growth, you must read the policy agreement carefully to ensure you retain control over the funds. 

Additionally, IULs need time and regular payments to mature, so this may not be a good investment for seniors or those with little disposable income.

Churning Scams

Churning scams are an insidious method insurance companies use to prevent you from claiming coverage. They start by offering a lower premium payment for a new policy with misrepresented coverage. They then use funds in the old policy to purchase the new one, and all payments made into the new policy are actually used to pay off the loan. 

This process diminishes the funds in your policy until there’s nothing left. Older policyholders are usually targeted for these scams, so be vigilant if you’ve held a policy for a long time.

Insurance Bad Faith

Life insurance companies use bureaucracy and red tape to deny claims in bad faith, delay approved payments, or approve payments less than what you’re owed. Since these companies make money with these practices, it’s in their best interest to act in bad faith

A NY life insurance lawyer can explain your rights, help you slice through red tape, and obtain the total compensation you’re owed.

What to Expect With Working With A Life Insurance Lawyer

Boonswang Law in NY can help you deal with life insurance claims. We understand these policies can be complex, and we can simplify the process for you by: 

 

  • Reviewing the terms of the policy to explain what’s covered and what’s excluded
  • Investigating the reason your life insurance claim was denied
  • Helping settle disputes over payouts
  • Pursuing payment of your life insurance claim in court

 

Insurance companies don’t care about you or your family—they only care about their bottom line. With our team of experienced life insurance lawyers at your back, you stand a much greater chance of successfully obtaining your life insurance funds.

Frequently Asked Questions About Life Insurance in NY

What Can Prevent A Person From Qualifying for Life Insurance in NY?

In NY, it’s illegal for life insurance companies to deny a person life insurance based on minority statuses, such as gender, race, or sexual orientation. However, certain medical conditions, dangerous hobbies—such as skydiving—and a history of car accidents may cause an insurance company to see covering someone as too much of a risk.

Processing a life insurance claim in NY takes between 30 and 60 days. The less time between your claim and the policyholder’s death, the better your chances of receiving death benefits. A NY-based life insurance attorney can review your claim and ensure it’s complete before you file.

When a life insurance claim is denied, the insurance company sends a letter documenting the reason for the denial. Your next step would be to appeal the denial. 

Consulting a NY life insurance lawyer can greatly increase the chances of winning your appeal. An attorney understands the complexities of life insurance law, and can help you navigate them successfully.

Beneficiaries under 18 will be appointed an adult to manage the child’s inheritance until they’re of age. However, custodians may withdraw and spend this inheritance while they have control over it—an unscrupulous custodian could leave a minor beneficiary with little or no inheritance. 

Setting up a trust is the best way to protect beneficiaries under 18. An estate planning attorney can help you establish a trust to ensure your young loved ones receive their full inheritance.

There is no central record of life insurance policyholders, so determining whether your loved one had a life insurance policy could be tricky. 

A few ways to find out include: 

  • Contacting their employer
  • Looking through mail and personal paperwork
  • Review bank statements for premium payments

In NY, beneficiaries must notify the insurance company that the policyholder has died. If you find a life insurance policy, you must contact the insurance company with this information.

Yes. Legally, you can’t add them to the policy as a fellow beneficiary, but how you handle the money you receive is up to you. You can share it with whomever you like.

While the policyholder may change their beneficiaries at any time while they’re alive, it’s against the law for them to do so under compulsion. Death benefits can be contested if the policyholder was not of sound mind or was under suspected coercion. 

The only exceptions are those who have designated irrevocable beneficiaries, such as children or spouses—even in cases of estrangement or divorce. These beneficiaries must approve any changes to the policy that may affect them. 

That means you can contest any changes made to the policy without your approval—provided you are an irrevocable beneficiary.

The answer to this question depends on a wide variety of factors. To find out whether you’re entitled to benefits from a lapsed life insurance policy, you can consult a New York life insurance lawyer like those at Boonswang Law.

The only parties legally allowed to make changes to a life insurance policy are the policyholder or someone with power of attorney. Documentation showing that changes that were made after the policyholder’s death have likely been falsified.

Yes—especially in cases where the policyholder had multiple marriages. A former spouse may dispute a life insurance policy because they feel they’re entitled to certain compensation. The life insurance law team at Boonswang can mediate these disputes and explain what’s owed to each party.