How Life Insurance Policies are Set Up
Texas life insurance policies are set up in a very specific way. First of all, the insured takes out the policy – sometimes through his or her employer – during the insured’s lifetime. The insured then makes premium payments at various intervals, usually on a monthly or semi-annual basis. Moreover, the insured will have designated one or more beneficiaries on the policy who are entitled to make a claim and pursue a payout once the insured passes away.Making a Claim
When the policy insured passes away, the designated beneficiary or beneficiaries then have a right to assert a claim under the policy. The beneficiary must first notify the insurance company of the insured’s death within a specified period of time established by the policy. The insurance company may also request certain documentation, including a copy of the coroner’s report and/or the death certificate that states the time and place of the insured’s death. In some instances, the insurance company may undertake an investigation into the claim, depending upon the circumstances.Dealing with a Claim Denial
At some point in the claims process, following a review, the insurance company may decide to deny a life insurance claim payout. There are various reasons why the insurance company might deny a claim for life insurance benefits. In some cases, the insurance company may contend that the policy lapsed during the insured’s lifetime, simply because he or she stopped making premium payments, and that any grace period has subsequently expired. In other cases, the insurance company may argue that there were material misrepresentations on the initial application. For example, on the application, the insured may not have disclosed a significant prior illness, injury, or preexisting medical condition. If the insurance company has denied your claim for benefits, you may be in a position to appeal the claim administratively and/or file an appeal in the court system, depending upon the circumstances. A Texas life insurance claims lawyer can assist you, not just during the claims process, but also when appealing a claim denial.Contact a Skilled Texas Life Insurance Claims Lawyer Today
At J. Price McNamara ERISA Insurance Claim Attorney, our legal team is ready to help you pursue the life insurance benefits you deserve. To schedule a Free Denial Review and legal consultation with a knowledgeable Texas life insurance claims attorney, please contact us online today.
J. Price McNamara
Attorney
Losing my own brother, then my father and sister after long, disabling illnesses just a few months apart drove a career change for me. Before that experience, I never truly understood the place you’re in. I never understood the dramatic impact that receiving (or not receiving) the disability and life insurance benefits you paid for and counted on can have on your life especially when you need to focus on family and healing. What I experienced with my own family now drives the way I view my clients and my work, and I will never forget it!
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