Accelerated Death Benefits is a provision in a life insurance policy that allows a terminally ill insured to receive part of the life insurance proceeds while alive. A life insurance contract states that life insurance proceeds will go to the beneficiary after the insured’s death, while an accelerated death benefits option allows the insured himself to receive the payout that can be used to pay for medical care and treatment. The remainder of the life insurance proceeds will be retained as life insurance.
Certain health conditions can trigger eligibility for early payment of all or a portion of your policy’s proceeds, including:
- Terminal illness, with life expectancy of twelve months or less (the duration may vary);
- Acute illness, such as acute heart disease or AIDS, which would result in a drastically reduced life span without extensive treatment;
- Catastrophic illness requiring extraordinary treatment, such as an organ transplant;
- Long-term care needed because you cannot perform a number of daily living activities, such as bathing, dressing, or eating;
- Permanent confinement in a nursing home.
Has your Claim For Accelerated Death Benefits Been Denied?
Many insurance companies ask the insured to provide a statement from the doctor confirming that the insured is terminally ill and has twelve months or less to live. The process of filing a claim for accelerated death benefits may seem easy and many people may file it without the assistance of an attorney. However, it is very important to submit the documents properly in order to have the claim paid. Even a minor mistake may result in denial.
When the insurance company receives a claim for accelerated death benefits, it hires an independent physician to review the insured’s medical records and write an opinion as to the insured’s life expectancy. The independent medical consultant’s opinion may differ from the insured’s doctor statement as to the life expectancy. If the physician hired by an insurer states that the life expectancy is more than twelve months, the insurance company will deny the claim.
We Can Help!
To protect your rights and to ensure that your claim is handled fairly, consult with an attorney at Kadetskaya Law Firm. We offer free consultations and case evaluation. We have years of experience working with life insurance contracts and know when a claim has been wrongfully denied. At our firm, we help terminally ill insureds file claims for accelerated death benefits or appeal an adverse claim decision. If your claim for Accelerated Death Benefits has been denied, call us for help. Our life insurance attorneys will help you overturn the denial of benefits on appeal.
No Legal Fees Unless We Win Your Case!
Our attorneys work on a contingent fee basis. It means that we do not charge legal fees unless we collect the life insurance proceeds for you. Only then will we charge a reasonable legal fee. We take pride in offering competitive contingent fee structures and will work with you to ensure you are comfortable with the fee. If your claim has been denied or delayed, call our life insurance lawyers for help. We have the experience you can trust.