Life is full of challenges that must be addressed in advance. This involves the employment of protective measures such as taking out life insurance coverage. The cardinal objective of life insurance is to provide relief to the beneficiaries in the event of the death of a family member, especially if he/she was the main breadwinner. Our life insurance lawyers are here for you to get the benefits to which you are entitled.
Prior to signing a contractual engagement with any insurance firm, an individual must comprehend the terms and conditions of the contract. Usually, a policyholder is required to remit monthly premiums to effectuate the coverage. Depending on the policy, the coverage may start immediately upon submission of a premium or after the insurability has been cleared.
Unfortunately, some insurance firms have a tendency of not providing timely relief whenever the beneficiary files a claim. Delayed and denied life insurance compensation can lead to real tragedy for the beneficiaries. This is attributed to the bureaucratic claims process that the beneficiaries are subjected to. In most cases, there is the temptation of paying the beneficiaries less money than the law stipulates. There are some instances when the there will be allegations of misplaced files for the insured. This happens mostly in death-related cases, especially when the policyholder is affected. This is because the firms believe that there will be no one to give true information regarding the actual amount to be paid out.
Basis for Denial
Since most life insurance firms are also profit-making organizations, they strive to impose restrictions so that only a few claims are paid throughout the period. They do this by failing to recognize medical reports presented by the beneficiaries. As if this is not enough, they tend to be selective by asserting that some risks do not fall under the class of compensation. They do this by referring the beneficiary to the forms that were signed prior to the commencement of the policy. These forms do not contain an in-depth analysis of the terms. As a result, the policyholders are deceived into accepting what they do not understand clearly. Similarly, the insurance firms can resort to sending endless letters with the sole intention of buying time so as to delay compensation. This serves to discourage the beneficiary from physically visiting the firm's offices to get real information.
What To Do If Your Life Insurance Claim Has Been Delayed or Denied
It is important that whenever a claim is filed, payment is within a given time limit. This is only possible by contracting established and experienced life insurance attorneys to carry out the mission. These professionals understand clearly the complex insurance terms and will argue out to the benefit of the insured.
Secondly, they play a significant role in ensuring that they adhere strictly to the governing policy terms. The net result is that the compensation will be based on these terms, hence there will be no losses incurred by the beneficiaries. Extra benefits such as accruing interest and bonuses will also be paid out.
The beneficiaries are always updated about the progress of the claims process. This helps them to concentrate with other important issues. At the same time, it reduces the negative effects brought about by dealing directly with the insurance staff.
Whenever the firms become uncooperative, the lawyers have the mandate of filing a suit in a court of law. This compels the insurance companies to produce the correct information regarding the insured. Similarly, hefty fines may be imposed on the insurance firms that delay compensation without any solid reason. The net result is that beneficiaries will always get what is due to them promptly.