Across the United States, about 60 percent of people have some type of life insurance, according to a 2018 Insurance Barometer Study. While having a life insurance policy may be a wise choice, many beneficiaries on behalf of insured people could have difficulty getting the insurance company to pay these benefits when the time comes to receive them.
If you are the beneficiary of a life insurance policy and the insurance company is delaying or simply refusing to pay any amount on your claim, there may be legal help available in the form of a Texas ERISA life insurance lawyer. Talk to a dedicated ERISA attorney as soon as possible to see what options may be available for you.
Insurance companies may market themselves as entities that insured parties and their family could rely on in times of trouble. All too often, however, they might easily become the source of trouble and heartache. These companies may routinely search for reasons to deny claims in order to save money.
A common basis for reducing or denying a claim is to purport that there is incorrect or incomplete information listed on the application for ERISA life insurance. In the state of Texas, such practices might be a breach of contract and in violation of Texas bad faith laws, such as Texas Insurance Code §541.051. A Texas ERISA life insurance lawyer could help beneficiaries find out more about the specifics of these life insurance laws.
An insurance policy is a contract, which means it is governed by both state and federal contract laws. A policy is an agreement between the insurance company and the insured. As such, each party is expected to act in good faith and carry out the terms of the contract.
If the insured stops paying their premium, they may not be acting in accordance with the policy and it could be canceled. Likewise, if the insurance company denies valid claims, it is potentially breaching the terms of the contract and could be held responsible.
The issue may typically not be if the insurance company has the right to deny coverage but rather whether the denial could be a violation of contract terms. If the case goes to litigation, the latter is what might be debated.
It is also important to note that there are limits on how life insurance companies in Texas might conduct business and what they could or cannot put in their contracts. The Texas Department of Insurance oversees the contracts and conduct of insurance companies in this state. However, seasoned lawyers are familiar with how this department treats various insurance cases, so speaking to one that specializes in life insurance could be a wise move.
Whether you are involved in a dispute over who is the beneficiary of a life insurance policy or were denied a claim, consulting with an experienced Texas ERISA life insurance lawyer should be the first step you take towards resolving your claim. A practiced attorney could evaluate your life insurance claim and the surrounding facts to see if they could get you the benefits that you are due.
A legal team familiar with both federal and Texas laws governing life insurance policies and claims as well as the common tactics that insurance companies try to use to deny claims could use their knowledge to assist claimants. Call today for professional help with your life insurance claim.
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