A New Jersey offers court has declined to make a bright-line decision that says marriage makes a presumptive right for a spouse to get the benefits of his or her partner’s life insurance benefits if the deceased already assigned another person as the recipient. On February 24, A three-judge Appellate Division panel published decision in Fox v. […]
Under state law, an adopted child in your family has all the rights and benefits of a biological child. Those benefits include the rights of inheritance in most cases. However, complications may arise regarding life insurance benefits. An outdated policy may only name your other children as beneficiaries. Or, your policy may name children from […]
The American free enterprise system has proven to be the most resilient and efficient means of getting consumers the goods and services that they want. But—as we have all learned—free markets aren’t ever risk-free. Even well-established companies can fail during an economic downturn, or even when the business climate looks favorable. Insurance companies are no […]
As life insurance lawyers, we recognize that many families use life insurance policies as the keystone of their financial planning. A beneficiary should receive the proceeds very soon after a life insurance policyholder dies. Many other death benefits may require months—sometimes even years—while the estate passes through the probate process. The swift settlement process make […]
In recent years, accidental death coverage has become popular. This is generally available in two different forms: Standalone accidental death and dismemberment life insurance. This policy pays benefits if the insured dies in an accident or loses a limb or extremity. A policy of this type typically costs less than life insurance covering death from […]
In the past, life insurance policy claims were handled simply enough. Once the life insurance company received the proper documents, it sent a check to the beneficiary, who cashed or deposited it at his bank and used the proceeds as he wished. Today, it’s more likely that a life insurance beneficiary—we’ll call him Charley—would receive […]
Once upon a time—and not that long ago, either—the U.S. life insurance industry was very weakly regulated. The results were what you would probably would expect: shady insurance agent using high-pressure tactics, badgering customers into buying high-priced policies from disreputable (or nonexistent) companies that would never pay a claim. Things have become a lot better […]
Is the life insurance company withholding benefits from you? The incontestability clause is one of the strongest protections for a policyholder or beneficiary. While many other rules for insurance seem to favor the companies, this rule soundly sides of the consumer. Life insurance is a contract between two parties: the insurance company and the policyholder. A […]
Beneficiaries do not need to hire a life insurance lawyer. Life insurance companies will most often pay benefits with little fuss or delay. You can expect to have little or no trouble getting the payment you deserve as a beneficiary when the: Policy has been in force for decades and premiums have been paid regularly. Face […]
If you’re waiting for your life insurance benefits to arrive, you’re not alone. Many people will wait weeks or months after the death of a loved one, only to eventually be told that their claim is invalid. The truth is, life insurance companies will look for any possible reason to deny a claim—and if they […]