Delray Beach Life Insurance Disputes
Your loved one purchased a life insurance policy to ensure you were taken care of after he or she passed away. The premiums took a financial toll, but your loved one would do anything to provide for you and the other beneficiaries. Now, the insurance company is refusing to pay, making you wonder if you’ll ever receive the money.
Reasons for Life Insurance Claim Denials
Insurance companies deny life insurance claims due to a myriad of reasons. Often, the reason provided isn’t actually grounds for denying the claim.
Common reasons provided by insurance companies include:
- Delayed claim
- Manner of death wasn’t covered
- Unpaid premiums
- Material misrepresentation
- Omission on application
- Effective date of coverage issues
DENIAL BASED ON MATERIAL MISREPRESENTATION
Denial based on material misrepresentation is common in Delray Beach. This is most likely to occur if the policyholder passes away within two years of purchasing life insurance. The insurance company analyzes medical records to see if the policyholder made any false representations when taking out the policy. Even in cases of material representation, you might be entitled to the benefits that were denied.
The insurance company must prove two things to deny the claim. First, it has to prove that the policyholder knew he or she was making a false statement at the time of the application. Second, the company must also prove that it would have denied the application if it had that information. Your Delray Beach life insurance dispute attorney will use evidence to fight back against those claims.
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SETTLING AND LITIGATING DELRAY BEACH LIFE INSURANCE DISPUTES
Life insurance disputes are resolved via settlement or litigation. Your Delray Beach life insurance dispute attorney will review your case and recommend the best path forward. If you choose to settle the case, you can receive a payout faster. The settlement process is also more affordable since you won’t have to go to court. However, you will not receive the full payout if you choose to settle the case.
If you decide to litigate the case, you can go after the insurance company for the full payout amount. While litigation can be time-consuming and costly, you can also sue for attorney’s fees.
Along with reviewing the evidence before recommending an option, your attorney will go over your specific needs. For instance, if you need the money right away, your attorney might advise a settlement. However, litigation is a good choice if you have a strong case and can wait to receive the benefits.
DISPUTING CANCELED POLICIES
If your insurance claim was denied because the policy was canceled, you might still have a claim. Often, cancellations are due to misplaced or improperly entered payments. The policyholder actually paid the policy but did not receive credit for it. Other times, the insurance company fails to follow proper protocol when canceling a policy. These are just two examples of ways you can fight back against the insurance company. If your life insurance claim has been denied due to cancellation, speak to an attorney to see if you have a case. There is a good chance you can receive the payout.
Delays in payouts can also lead to life insurance disputes in Delray Beach. Insurance companies are notorious for putting off payment as long as they can. They come up with numerous ways to avoid paying the claim, including asking for unnecessary documentation. If you have filed a claim and still haven’t received payment, an attorney can step in and help. Dyson Law PLLC can speak to the insurance company to expedite the process. In some cases, we might have to sue the insurance company, so you can receive payment. You are due a timely payout, so seek legal help immediately.