At Disability Insurance Law Group, our Fort Myers life insurance claims lawyers know that when beneficiaries pursue their coverage for benefits, it is because they have suffered a terrible loss.
Our Lee County life insurance claims attorneys represent policyholder beneficiaries in Florida and nationwide during some of the most challenging times in their lives. The last thing they need is to receive a claim dispute or denial from the insurance company.
The stress and anxiety of losing a loved one can be significantly compounded by a negative response from the insurance company, leaving them confused about where to turn next.
We can help.
Our life insurance claims attorneys in Fort Myers help beneficiaries understand their loved one’s policy so they know exactly what type of benefits they are entitled to from the coverage and what it means to their financial future. Contact us today to learn more.
At Disability Insurance Law Group, our Fort Myers life insurance lawyers represent individuals and families nationwide file their initial life insurance claims and those whose claims have been disputed or denied by the insurers.
This includes those who are pursuing benefits from the following types of policies:
Our sincere goal is to help our clients, the life insurance beneficiaries, pursue and obtain these crucial benefits so they can take the time they need to grieve, get their affairs in order, and move forward confidently.
Life insurance provides a financial benefit to the designated beneficiaries upon the insured person’s death. The ability to pursue and receive the benefits from a life insurance claim is determined by the terms and beneficiaries specified in the life insurance policy.
Here’s an overview of who can typically pursue life insurance benefits:
The primary beneficiaries named in the life insurance policy are the individuals or entities (like trusts or charities) with the right to claim and receive the policy’s death benefit. The policyholder designates these beneficiaries when they purchase the policy. Beneficiaries can be one or more individuals, and the policyholder can specify the percentage of the death benefit each beneficiary will receive.
In addition to primary beneficiaries, policyholders can name contingent or secondary beneficiaries. These individuals or entities receive the death benefit if the primary beneficiaries predecease the insured or cannot claim the benefit for some reason.
If no living or contingent beneficiaries are named, or the estate is designated as the beneficiary, the death benefit may become part of the insured person’s estate. In such cases, the proceeds will be subject to the deceased person’s will and the probate process.
Some policyholders choose to establish a trust as the beneficiary of their life insurance policy. In this case, the trust will receive the death benefit, and the trustee will distribute the funds according to the terms outlined in the trust document.
If a minor is named as a beneficiary, the life insurance company may require a legal guardian or trustee to be appointed to manage the funds until the minor reaches a specified age or meets other conditions set by the policy.
Sometimes, the policyholder may assign the life insurance policy to a lender or creditor as collateral for a loan. If the insured person passes away, the lender or creditor may be entitled to receive the policy’s death benefit to satisfy the outstanding debt.
Depending on the policy’s circumstances and terms, life insurance companies may deny a life insurance claim for various reasons. While each case is unique, here are some common reasons why an insurance company might deny a life insurance claim:
If the policyholder failed to pay premiums and the policy expired or was canceled due to non-payment before the insured person’s death, the insurance company is not obligated to pay the death benefit.
If the policyholder provided false or inaccurate information on the application for the life insurance policy, and the misrepresentation affected the underwriting decision, the insurer may deny the claim. Common misrepresentations may include but are not limited to, concealing pre-existing medical conditions, smoking habits, or risky activities.
Many life insurance policies have a suicide clause that limits or excludes coverage if the insured person dies by suicide within a specified period after the policy’s inception.
Some policies include specific exclusions for certain causes of death, such as death resulting from participation in hazardous activities, war, or illegal activities. The claim may be denied if the death falls under one of these exclusions.
Most life insurance policies have a contestability period (usually the first two years of the policy), during which the insurer has the right to investigate and deny claims based on misrepresentations or non-disclosure.
If the policyholder did not notify the insurance company of the insured’s death promptly or if the insurance company was not provided with the necessary documentation and information to process the claim, it may be denied.
If the insured person’s death is suspicious or under investigation for homicide or foul play, the insurance company may delay the payment until the analysis is complete, and they may deny the claim if wrongdoing is confirmed.
Some life insurance policies, such as term life insurance, have expiration dates. If the insured person dies after the policy has expired and was not renewed, no death benefit may be payable.
Disputes among beneficiaries or legal challenges related to the validity of the beneficiary designation can lead to claim denials.
You do not have to take the insurance company’s word for what a life insurance policy covers. We can help outline your loved one’s life insurance policy details and review the coverage to ensure you are pursuing the benefits included in the contract.
Contact our skilled life insurance claims denial attorneys in Fort Myers today by calling 954-989-9000 or contact us online to schedule a free and confidential case assessment so we can put our over 50 years of combined experience to work for you.
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