What should you do if your life insurance claim has been denied?
The attorneys at Life Insurance Law work to recover full compensation for life insurance beneficiaries in South Carolina. If your life insurance claim has been denied or delayed, contact us today for a free case evaluation.
You can expect the following from your South Carolina life insurance lawyer:
- A free case evaluation where we go over the facts of your claim in detail.
- Explanation of all legal terms and documents.
- An attorney who will contact your provider to get a delayed claim paid fast.
- Full disclosure on court costs and attorney fees _before you agree to retain counsel.
Many claims will be denied by providers based on material misrepresentation. This means that the policyholder provided false information, such as age or health history, that makes the policy invalid. In these cases, a South Carolina life insurance lawyer can help you appeal the decision and may still be able to recover the full amount of your claim.
How am I protected by state insurance laws in South Carolina?
The U.S. Constitution gives the federal government the power to regulate interstate commerce. In the case of life insurance policies, the federal government has largely allowed the states to take the duties of regulating the insurance industries and of providing consumer protection.
The state of South Carolina has life insurance laws to help protect consumers. Here is a summary of some of these South Carolina life insurance laws. Of course, you should definitely contact us to discuss your case specifically and see how state laws impact your particular situation.
Title 38 of the South Carolina Code of Laws is the primary regulating force behind the insurance industry within the state of South Carolina, but other legal provisions have also been adopted as consumer protection laws. The South Carolina Department of Insurance provides oversight for the insurance business in the state.
The most important rules that may apply in your case are:
- The “free look” period. Any South Carolina resident buying a life insurance policy has 10 days to back out of coverage and receive a full refund of any premiums he has paid. If you obtain your policy through the mail, this “free look” period expands to a full 30 days. Some insurers may offer even longer trial periods, at their option.
- Timely payment on claims. When a life insurance claim is filed, a South Carolina insurance provider is required to pay the amount to the beneficiary promptly. Failing to settle claims in a prompt, fair, and equitable manner can result in serious penalties against the insurer. Payments are typically made within a month after the provider receives proof of death. If the account is not settled within 30 days, interest charges are added to the total due, with interest accruing from the date of death.
- Your benefits are guaranteed even if the insurer goes out of business. Life insurance policies that are current are backed by the South Carolina Life and Accident and Health Insurance Guaranty Association. You must be up-to-date on your premium payments, and the insurer must be properly licensed to operate in South Carolina. In the event that your life insurance company becomes insolvent, we can work with the Guaranty Association to compensate your policy. This guarantee is limited to $300,000 maximum for lost death benefits per insured individual, even if the deceased person was covered by multiple life insurance policies.
Why you should work with us
We work with clients across the country to recover denied and delayed life insurance claims. Whether we agree on a settlement or take your case to court, our attorneys will fight for your best interests every step of the way.
If your insurance claim has been denied or delayed, call our offices (215) 531-7961.