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Life insurance is a needed protection for everyone in the event of a tragedy. This applies to young people as well as those who are advancing in years and concerned about leaving loved ones with burial and other estate expenses. The problem is that there are multiple types of life insurance policies, and they are structured in a variety of ways that can give insurance companies potential reasons to deny or reduce the benefit level when a covered individual passes away.
We purchase life insurance to protect and provide for our loved ones after we are gone. Yet, all too often, insurance companies fail to pay the death benefits stipulated in life insurance policies. In fact, life insurance companies often deny life insurance claims without justifiable reasons. We have experience in resolving life insurance claims. Did you know that if the policy has been in force for more than two years when the insured dies, the insurance company is generally obligated to pay the claim? But, in many cases, what may seem like a proper denial on the face of it is improper under the law.
It’s not easy to avoid a denied claim, even when you’re paying thousands a year to your insurance company. That’s why it’s important to read your policy in detail, understand the co-pays, premiums and deductibles involved, and obtain proper pre-authorization for services. But, even when you’re diligent about these things, your insurance company may turn down your claim. That’s when you can turn to the Washington insurance lawyer, Law Office of Boris Davidovskiy, P.C.
Sometimes insurers even pay life insurance proceeds to the wrong beneficiary. We can help resolve these types of cases, as well. These are just a few of the many examples of life insurance issues that come up.
What Is an Incontestability Clause?
Many states have provisions designed to offer some assurance that life insurance benefits will be paid, even if the insured may have made misstatements in the insurance application. The idea is to make sure that if an insurance company has any questions or problems, those matters are addressed while the insured is still living. Put another way, it is unfair to allow an insurance company to collect premiums for years only to then conduct a more thorough investigation after death and decide not to pay the insurance beneficiaries. These types of provisions are usually called “incontestability clauses.” Essentially, such clauses dictate that after a certain period of time, usually 2 years, an insurance company cannot contest a life insurance policy for ANY reason, even fraud.
Different people need different levels of insurance protection when they can find good coverage that fits their personal budget. There is really no concept of too much life insurance, but the age of the covered individual can make a difference. Younger individuals can typically find a policy for a very reasonable rate with a considerable amount of protection that could serve to help their family in the event of an untimely death. Those considering life insurance at an advanced age may want to opt for a guaranteed burial expense coverage policy based on personal specifics.
Life insurance typically comes in either term life or whole life packages, with the difference being the building of cash value. Term insurance policies generally do not build value and are maximized after a certain amount of time. Whole life policies do build value, can still be maximized, and they can also be used to borrow against in some instances. In addition, employers, schools, and other entities such as banks have been known to carry policies on associates and customers. This means that there can be multiple life insurance policies in effect at one time, which can have an impact on your choice.
Contact a Washington Life Insurance Attorney
If an insurance company has wrongfully denied payment of a death benefit claim on your loved one’s life insurance policy, they are very likely acting in bad faith. Please call the Law Office of Boris Davidovskiy, your skilled Mountlake Terrace, WA life insurance lawyer for an evaluation of your case.