You’ll never forget the day you got the phone call. Your father died. He was in a long-term care home, recently recovering from surgery. He was doing better, or so you thought. However, the attendant on the other end assured you that he died of old age. You hung up, dazed, and went through the […]
You don’t want to think about what will happen if your spouse dies unexpectedly. While you cannot prepare for the emotional trauma, you are at least well prepared for the financial difficulties. But what if the unthinkable happens, and you’re not as secure as you thought? If your spouse has died at work, your life […]
Life insurance claim denial is more common than most would imagine. Because life insurance companies are in the business of making money, it’s in their best interest to deny as many claims as possible. Unfortunately for the claimant, a life insurance claim denial can be devastating financially and emotionally. However, the good news for victims […]
When a life insurance company denies a claim, beneficiaries feel frustrated and angry. Unfortunately, many will pursue no further action. They will not receive the thousands of dollars their loved one paid into life insurance over the years, all due to an insurance company’s technicality: a missed payment, one missed signature, or an unexplained “filing […]
Most insurance companies put profit margins above their customer’s needs. They will make a lot of money by denying clams—but if they deny claims they should have paid, then they’ll make even more. Here are some of insurance company tricks to deny a claim. Tactics to Deny Claims The underhanded tactics some insurance companies use to […]
In some cases, instead of denying a life insurance claim outright, some life insurance companies hold a claimant’s cash in a retained asset account. They take this step instead of making a full payout to the beneficiaries of the deceased account holder. A retained asset account is an account which earns interest for the insurance […]
When you see commercials for insurance agencies, they talk about ways they can help you. A calm, reassuring voice will promise to take care of you and your family when you need help most. But one thing they almost never talk about is money—and it’s the number one reason insurance companies want you as their […]
Most life insurance claim denials occur because of some type of alleged material misrepresentation on the part of the policyholder. A material misrepresentation is when the policyholder misstated or omitted important facts when applying for their life insurance policy.
After the death of a loved one, seeking life insurance benefits can be overwhelming. But there a few simple steps you can take to make the task less daunting. Here’s how to file a life insurance claim. Locate the policy immediately after your relative’s death. While it can be overwhelming to deal with the death […]
Some beneficiaries find their loved one’s life insurance policy cancelled after death. While postmortem life insurance cancellation is not very common, it usually happens with young policies. Some states allow a company to cancel a policy within two years of issuing it. So, a policyholder who dies within two years can face postmortem cancellation. If […]