Life Insurance Lawyer Tennessee
Our Tennessee life insurance lawyers are here to help.
If a life insurance policy was left to your minor children, the following steps can be taken:
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Establish a trust: One option is to establish a trust to manage the life insurance proceeds on behalf of the minor children. This can be done through a lawyer or financial advisor who specializes in trusts.
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Follow state laws: It's important to follow the laws of the state where the policy was issued and the state where the beneficiaries reside. Some states require that a guardian or custodian be appointed by the court to manage the life insurance proceeds on behalf of the minor children.
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Consider a structured settlement: If the life insurance proceeds are substantial, a structured settlement can be established to provide ongoing payments to the minor children over time. This can help to ensure that the money is used to support the children's needs over the long term.
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Consult with a financial advisor or attorney: It's important to consult with a financial advisor or attorney who specializes in life insurance and estate planning to determine the best course of action for managing the life insurance proceeds on behalf of the minor children.
It's important to note that life insurance policies can be contested by other potential beneficiaries, so it's important to ensure that the beneficiary designation is clear and legally valid. It's also important to keep the policy up-to-date and to review the beneficiary designation regularly to ensure that it reflects your current wishes.
Call us at 800-330-2274 for a free consultation.
Life Insurance Beneficiary Rules and Disputes Tennessee
2023-2024 Life Insurance Claims in Tennessee Recently Settled- Bankers Life coronavirus death $105,000.00
- Mass shooting death Tennessee denial $43,000.00
- AXA Equitable COVID-19 death denied $30,000.00
- State Farm felony exclusion case won $57,000.00
- Accidental Death & Dismemberment $520,000.00
- Dearborn Life chronically ill exclusion $44,000.00
- Scotia Life intoxication exclusion won $112,000.00
- CMFG Life oxycontin exclusion rejected $66,000.00
- AD&D claim due to intoxication resolved $790,000.00
- Humana Life suicide exclusion rejected $203,000.00
- Columbian Mutual Life insurance exclusions $11,000.00
- National Benefit Life self-inflicted injury $215,000.00
- AAA felony exclusion shooting crime $102,000.00
- Gleaner Life material misrepresentation $40,000.00
- PHP Life competing beneficiaries won $25,000.00
- Amalgamated life cancer medical records $109,000.00
- Mutual Savings Life oxycodone denial $56,000.00
- NTA Life emergency room visit in record $34,000.00
- OPM Life lapsed the policy we resolved $70,000.00
- Foresters misrepresentation application $217,000.00
- American General interpleader lawsuit $304,500.00
- SGLI competing beneficiaries won $400,000.00
- Tennessee denied life insurance claim 814,000.00
- ERISA appeal contested outcome $152,000.00
- Reliance Standard beneficiary dispute $274,000.00
- Denied life insurance claim Tennessee $1,014,000.00
- Unum suicide and or self-inflicted injury $311,000.00
- AIG drug exclusion for meth $348,900.00
- Tennessee divorce and life insurance $623,000.00
- State Farm autoerotic asphyxiation death $128,000.00
- FEGLI appeal with successful resolution $139,000.00
- Tennessee bad faith life insurance $512,000.00
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Tennessee Life Insurance Law
Life insurance companies do not like to pay out on claims against the policies they issue. While this may seem counterintuitive (they are life insurance companies after all), it is a simple business reality. Life insurers would go broke if every time a policyholder died, they had to pay that person’s beneficiary.
In order to keep money in their own coffers, life insurance companies hire scores of attorneys to skew the odds in their own favor. First, there are the attorneys who draft the policies. If you’ve ever read a life insurance policy cover to cover, you know that they are very long, filled with arcane legalese, and nearly impossible to track logically. They are also filled with legal loopholes that relieve the insurer from meeting its obligation to pay death benefits.
Additionally, insurance companies have groups of lawyers whose job is to use the confusing policy language and endless loopholes against beneficiaries who are trying to make claim after a loved one dies. These are the people behind the confounding claim denial letters that beneficiaries often receive in the mail.
Admittedly, some claim denials are legitimate. Not every life insurance company is out to deny every single claim that is submitted by a beneficiary. As lawyers who specialize in the denial of life insurance claims, however, we’ve seen baffling claim denial letters more times than we can count.
This article explores one case where the life insurance company really tried to stretch a policy loophole in order to deny a claim. The case is illustrative of the battles we wage with life insurers every single day. In fact, it is cases like this that motivate us to continue assisting deserving beneficiaries in contesting claim denials and gaining access to the benefits their loved ones intended for them.
A biker with heart of gold
The case involved a man named Ben. Ben was, above all else, a hardcore motorcyclist. He belonged to a motorcycle club that was reputed to be involved in all sorts of criminal activity. While some of those rumors were true, largely the club was made up of guys who were tough on the exterior, but truly kind individuals and productive members of society.
Ben was no exception. While he looked tough with his large frame, long beard, and leather-clad exterior, he was actually a strong family man and a well-respected business owner. In fact, Ben owned an auto and motorcycle restoration business that drew customers from around the globe. He made lots of money and was able to afford full benefits for his family and his employees.
Among those benefits were a comprehensive life insurance policy with an accidental death and dismemberment rider (an “AD&D rider”) that would triple the death payout if the policyholder died in an accident. Ben’s personal policy, for example, provided for a $300,000 policy payout, with an additional $900,000 AD&D rider.
Like all life insurance policies, Ben’s policies was full of loopholes. For example, the policy would not pay out if Ben died as the result of suicide. It would not pay out if he died engaging in inherently dangerous activities. And, importantly for purposes of this article, it would not pay out if Ben died during the commission of a crime.
An unfortunate and unexpected death
One night during the fourth of July holiday weekend, Ben was hanging out at the local biker bar with several members of his biker club. Ben did not drink but he enjoyed hanging out at the bar and playing billiards with his friends. Everyone was having a good time that night when just before midnight, everything changed.
A large truck driven by a member of a rival club drove straight through the wall of the biker bar. It struck several patrons, including Ben, who was instantly killed. Police responded to the scene within moments and proceeded to conduct a full investigation.
Ultimately, the police determined that the driver of the truck had committed an intentional assault and homicide. During the course of the investigation, however, they also discovered a large amount of cocaine that was being held and possibly distributed by some of the members of Ben’s biker club. Significantly, no drugs were found on Ben, nor did his autopsy reveal the presence of any drugs in his system at the time of death.
Although she was devasted by Ben’s passing, his wife Carrie made a claim for benefits against Ben’s life insurance policy and the AD&D rider. Given the circumstances of that evening, she really didn’t have any concern about the insurer not paying.
Unfortunately, just three weeks after she submitted her claim, Carrie received a denial letter in the mail. The stated reason for the denial was that Ben had died during the commission of a crime. Specifically, since several of Ben’s cohorts were possessing or distributing cocaine, the insurer attributed those acts to Ben. Consequently, the company cited the policy exclusion that prevented a death payout if the policyholder died while committing a crime.
Luckily, Ben and Carrie had a great personal lawyer who referred Carrie to an attorney specializing in the wrongful denial of life insurance claims. He reviewed the relevant policy language, the police reports concerning the incident, and the coroner’s report. There was simply no indication whatsoever that Ben was involved in any crime at the time he died. The attorney suggested they file suit against the insurance company.
Eventually, realizing that it didn’t have a legal leg to stand on, the insurance company settled the case and paid Carrie the full policy benefit, including the AD&D benefit. The case just goes to show that sometimes life insurers deny claims just to see if they can get away with it. They’re hoping the beneficiary just takes “no” for an answer and goes away.
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Don’t let this happen to you. If you’re facing the denial of a life insurance claim, call us today. We’re here to help.