With suicide rates increasing in the United States, insurers take measures to protect themselves against individuals who buy policies while intending to commit suicide so that their loved ones could benefit from the life insurance payout. This means that there are circumstances when companies may refuse to pay out, leaving the family not only grieving […]
Life insurance companies routinely deny claims due to non-payment of premiums. While some of these denials are valid, many of them are not. Everyone knows that policyholders have a duty to pay premiums on time to avoid policy lapse, but what is not clear to many policyowners is what rules life insurance companies need to […]
When people lose a loved one, they usually go through a difficult readjustment during which financial matters such as life insurance and estate matters may be put on hold. Sometimes the beneficiary may not even know the decedent had life insurance or named them as a beneficiary. What happens when they discover there is life […]
A life insurance policy provides financial security for insureds and their beneficiaries in exchange for regular premium payments by the policyholder. Paying a premium in time is essential to keep the life insurance policy in force. However, missed payments happen. To protect people from an inadvertent policy lapse due to a missed premium insurance laws […]
If a loved one passed away untimely, you may be grieving and not be able to focus on your financial affairs. Many people who lost a family member go through a difficult time of readjustment and do not deal with life insurance issues immediately.
Accidental death policies are designed to provide financial support to beneficiaries when the insured dies due to an accident. Unfortunately, as with many life insurance policies, accidental death claims are frequently delayed or denied. This happens because insurance companies routinely apply numerous exclusions that exclude accidental deaths from coverage.
Accidental death and dismemberment policies (ADD) cover accidental deaths, but not all beneficiaries receive their death benefit. An ADD insurance contract outlines certain situations around the death that can invalidate it resulting in a denial of death benefits.
People buy life insurance policies to provide financial support to their loved ones once they die. This makes the death benefit the most important part of the policy. But what is the death benefit exactly and how does it work? These are questions life insurance beneficiaries should ask to ensure they can collect their insurance […]
ERISA controls many group life insurance plans. Among the many rights the law gives to plan members and participants is the right to bring a suit to recover plan benefits. ERISA is a complex federal law and affects the way attorneys handle claims, appeals and litigation.
Many group life insurance plans maintained in the United States are ERISA plans. ERISA plans are employer-sponsored plans that usually deduct premium payments from the employees or make contributions by the employer. ERISA does not apply to welfare group plans established or maintained by government organizations or religious institutions. In spite of the fact that […]