Life Insurance Claim Denied due to Marijuana? Here’s how to Win

Life Insurance Claim Denied due to Marijuana? Here’s how to Win

If your life insurance claim has been denied, you may feel confused and frustrated. After all, the essence of a life insurance policy is in the insurer’s promise to make a payout upon the insured’s death.

Unfortunately, that promise is not always kept. Almost every life insurance policy has a list of exclusions which outline scenarios of when the insurer will not pay the claim. What is alarming is that these reasons not to pay your life insurance benefits can often be interpreted in such a way that almost any death falls outside of the coverage area.

Illegal drug use is one of the reasons the insurance company will not pay your benefits. Keep on reading to find out how to fight this and win your case!

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Denied Key Person Life Insurance Claims

Key person life insurance (aka key man life insurance or corporate owned life insurance) is life insurance coverage on top executives, directors, partners, proprietors and key employees in a corporation.

The proceeds from a key man life insurance policy are paid directly to the corporation that took out the policy, since the business is the beneficiary under the key man life insurance policy.

Death of a key person in a corporation often causes a loss of income, business and opportunities. It may result in substantial business expenditures associated with hiring and training a new employee replacement.

Not surprisingly, having key man insurance coverage on highest paid officers and director is a standard procedure for many corporations that many investors now expect.

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Life Insurance Beneficiary Designations Provisions

Recently, a New Jersey court heard a life insurance case arising out of a beneficiary dispute.

In Fox v. Lincoln Financial Group, et al.,[1] the insured bought a life insurance policy when he was married and designated his then wife as the primary beneficiary. The insured later divorced and changed the beneficiary by making his sister the primary recipient of the proceeds. Several years later, he married his second wife.

He did not, however, change the beneficiary designation on his life insurance policy.

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The Complete Plan to Appeal and Win a Denied Life Insurance Claim

People obtain life insurance policies as part of financial planning for their loved ones’ future.

Life insurance protects those who rely on the insured’s ongoing financial support and will suffer in the event that this support is withdrawn. Ideally, the life insurance company will pay the full policy amount after the insured’s death.

Unfortunately, this does not always happen. Life insurance claims get routinely denied by large insurance companies for various reasons. Here’s what you need to know regarding the process to appeal and win a denied life insurance claim.

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Reasons for Life Insurance Claim Denials or Delays

People buy life insurance to protect their loved ones in the event of death.

Generally, the insured policy owner pays premiums to the insurance company in return for its promise to pay a certain amount of money to the beneficiary after his death. When the insured person dies, the beneficiary files a claim with the insurance company.

Reasons Life Insurance Companies Can Use To Deny Your Claim

 

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