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Having a savings account and smart mutual fund investments will only help you save money and make good use of the same! If you want to lead a secure life, it is essential to have a life insurance policy. It will offer the necessary security to your family members, should any mishap happen to you, unfortunately. Usually, the life insurance claims get processed without much hassle. But there are times when the process becomes problematic for a few people.
Instances of life insurance companies denying claims are common! If you want to fight through this successfully, you need to know why and how do the companies do this. Only then you will be able to reach out to the correct service provider and get the amount you deserve back. However, before that, it is essential to know the ways that insurance companies make use of to deny the insurance claims. They are many such tactics. Discussed below are four prominent ways that insurance companies resort to:
- Improper representation of an insurance policy
Are you making your life insurance claim within the first few years of the policy? If yes, then the concerned companies will frequently check on the health and the track record of the policy bearer. And if in the scrutiny it’s evident that the policyholder experienced specific health issues that did not get mentioned in the insurance policy application, the claim can get denied.
Hence, it’s imperative to fill the application form with the correct details — that way the chances of claim denial can be brought down. Just because the concerned company suggests that the applications have misrepresentations, doesn’t indicate that you shouldn’t pursue your claim. Sometimes, you need to take your life insurance claim legal case to court with the help of a professional insurance attorney. You need to do this to highlight that the omissions or misrepresentations aren’t intentional. Your lawyer can also help you prove that these aren’t related to the seizure of the one who was insured.
- Changes in the beneficiary
Insurance claims will get denied when you are not added as a beneficiary! It could take place when the policyholder altered beneficiaries after a life-changing event, such as marriage or divorce. The legal beneficiary can receive the claim. Hence, it is always essential to update the application with the beneficiary changes at the earliest.
- When an employer makes certain mistakes
There are instances where individuals get their life insurance policies from their employers. And these happen to be group policies. It is affordable and easy to attain life insurance. Here the employer is accountable for explaining the benefits clearly to their employees and ensuring that every detail gets filed correctly. If the insurance company detects any mistakes, it might reject the claim. Based on the situation at hand, you can ask for the claim to be granted. Furthermore, if the employer is found guilty of any major mistake, the claim can get delayed for an indefinite time.
- The policy exclusions
It is essential to know that each life insurance policy comes with a few exclusions. These exclusions are written in a way to offer security to the life insurance organizations. Additionally, these policies also written in the exact language to increase the claims quantity that might just get denied. Furthermore, the new age insurance companies might attempt to have an all-inclusive view concerning exclusion. However, the court might view it in an altogether different way.
Opting in for the best solution
It is essential for individuals to fight their denied or delayed life insurance claims. And only an expert insurance lawyer can put a process in place and fight the case successfully. An expert lawyer or law firm can get back the amount for the policy claim within as less as 14 days. Generally, lawyers get into a one-on-one consultation before they commit on the recovery success. The primary objective of an insurance lawyer is to secure client rights. It is essential to reach out to a lawyer who has helped beneficiaries and policyholders recovery 100% of the amount successfully. Today, you have several lawyers having an online presence. Selecting the correct one is a challenge.
Try and seek the service of an insurance lawyer or law firm that has been in the business for a long time. It is essential for lawyers to know that insurance companies already make money by gathering the premiums, instead of paying out on the policies. An expert lawyer will understand that some organizations will take part in unlawful practices and that would result in a delayed claim. The truth is that few life insurance companies deploy big groups of legal staff to make sure that people don’t get their payments. Sometimes, these teams ensure that people receive very less settlement amount.
An expert company will help you to recover the exact policy amount! It is always best to join hands with a life insurance lawyer who has a minimal of 15 years of professional experience. Even young lawyers are good. However, when your insurance claim case is complicated, you will need an expert who can help you in your case successfully than making probable assumptions. Here’s how you can search for an ace lawyer or legal firm to manage your insurance policy claim denial case.
- Search online and draw up a list of three to five ace lawyers or law firms. Scan the website and research extensively on the services provided. It will give you an idea of whether the law firm or the lawyer will be able to address and resolve your legal case successfully.
- You can directly connect with the lawyer or legal firm and share your case details. This way you will be able the judge the preparedness and know-how of the lawyer or firm to represent your case in the court.
- Make sure to read the client testimonials and the online reviews before you make the final judgment. If a lawyer is good and has helped most clients, then people will be talking about him/her or the firm.
When an insurance company rejects your claim, you need to check for the four reasons mentioned above and understand the cause. And once you know that and want to fight your case, search and join hands with an ace insurance attorney.