Orlando Life Insurance Attorney
Life insurance provides a critical financial safety net for people who are insured and their beneficiaries. Policies generally offer peace of mind that the beneficiaries will be taken care of in the event of the insured’s death. This sounds simple enough; however, navigating the complexities of life insurance claims can be daunting, particularly when you are grieving the loss of a loved one.
If you encounter a problem when you file a claim for life insurance death benefits, an experienced Orlando life insurance claim attorney can help you deal with the insurance company. The attorneys at Malik Law have years of experience helping Florida residents get paid fairly by insurance companies. They will put their experience to work helping you resolve issues that might be holding up your payment and making sure you receive the benefits you deserve when you need them most.
Problems with a life insurance death claim benefit may arise for a variety of reasons, including a lapse in the policy, policy exclusions, alleged misrepresentations, and incomplete or missing documentation. Regardless of the reason, a delay or denial of life insurance benefits can be exceptionally traumatic for a grieving beneficiary.
If you have encountered a delay, denial, or other problem with a life insurance death claim, consulting with an experienced life insurance claim lawyer is imperative to protect your rights as a beneficiary. At Malik Law, we understand how insurance companies operate and the tactics they use to try and avoid paying claims.
Contact an experienced Orlando life insurance claim attorney at Malik Law today by calling 407-598-6618 or submitting the Free Case Evaluation form on our website to find out how we can help you.
Understanding Life Insurance Death Benefits
A life insurance policy is a contract between the policyholder and the insurance company, in which the insurance company agrees to pay a designated beneficiary a sum of money upon the death of the insured. The insured and the policyholder may be one and the same, but a policyholder can also take out a policy on the life of someone else. For example, one business partner might take out a life insurance policy on the life of the other partner or a spouse might take out a policy on his/her spouse’s life.
The overall purpose of death benefits is to provide financial support to the beneficiary (or beneficiaries) and cover expenses such as funeral costs, outstanding debts, and daily living expenses. There are several different types of life insurance policies, including:
- Term Life Insurance. Term life insurance is the simplest and least expensive type available and is purchased for a specific amount of coverage and a specific “term,” typically 10 to 30 years. Premiums are fixed and the policy pays a death benefit but has no cash value. A single missed payment can cause the policy to lapse.
- Whole Life Insurance. This type of life insurance is purchased in a specific amount for the lifetime of the insured. Along with death benefits, whole life offers a savings component and has a guaranteed cash value.
- Universal Life Insurance. Similar to whole life but with an option to increase the coverage amount later under certain conditions, a universal life insurance policy also accumulates a cash value that can be used to lower premiums or may be borrowed against. Most importantly, universal life has a termination age, although it is typically 95–100 years old.
- Variable Life Insurance. Variable life insurance combines life insurance with investing by letting you use the accumulated cash value to invest or to increase or decrease the amount you pay in premiums.
- Final Expense Life Insurance. As the name implies, final expense life insurance is a specialized type of life insurance that covers funeral and burial expenses and usually terminates at a designated age.
It is important to understand what type of life insurance policy is involved when filing a claim for death benefits, especially if you run into problems with payment of the claim. If you have encountered problems, an experienced life insurance attorney from Malik Law would be glad to help you investigate and resolve the issues.
Call us today at 407-500-1000 or fill in the Free Case Evaluation form on our website to get the help you need.
What Is the Typical Process for Paying a Florida Life Insurance Death Claim Benefit?
Ideally, death benefits are paid promptly to the named beneficiary or beneficiaries after the death of the insured. Although every insurance company has their own claims process, the process generally involves the following steps:
- Notification of Death: The beneficiary must notify the insurance company of the death of the insured. You may wish to speak directly to an agent; however, it is best to file a claim in writing to ensure that you have documentation that the claim was submitted.
- Submission of Documents: You will need to submit a claim form, provided by the insurance company, along with a certified copy of the death certificate. Additional documents such as proof of identity, or a copy of the original policy may also be required.
- Review and Approval: The insurance company will review the claim and the submitted documents to determine if the claim is valid. It is during this phase that issues or problems are likely to arise.
- Payment of Benefits: Once the claim is approved, the insurance company will typically disburse the death benefit to the beneficiary within 30 to 60 days.
If you are having problems getting a life insurance claim approved and receiving the correct death benefit in a timely manner, contact Malik Law. at 407-598-6618 or fill in the Free Case Evaluation form on our website. Our life insurance claim lawyers will put their experience, skill and resources to work helping you collect the benefit to which you are entitled.
Why Might an Orlando Life Insurance Death Benefits Claim Be Denied or Delayed?
If you are the beneficiary of a life insurance policy, you may be counting on the death benefits to help cover final expenses or to help cover basic living expenses. Regardless of why you need the money, the policyholder clearly intended you to receive the death benefit. This fact alone can make problems during the claims process even more frustrating.
Payment of death benefits can be delayed or denied for a variety of common reasons, including:
- Policy Lapse: One of the most straightforward reasons for a claim denial is a policy lapse due to non-payment of premiums. If the policyholder fails to pay the required premiums and the policy lapses, the insurer is not obligated to pay the death benefit. If the policy was a whole life, universal life, or variable life insurance policy, premium payments can be complicated because of the cash value of the policy, making it important to thoroughly review the payment history.
- Contestability Period Issues: Most life insurance policies have a “contestable period” (typically two years) during which the insurer can investigate and deny claims for any reason related to misrepresentation or fraud. If the insured dies within the contestability period, you can usually count on an investigation of the claim and if that investigation turns up any discrepancies or misrepresentations the insurance company will likely deny the claim.
- Exclusion Clauses: Like most types of insurance policies, life insurance policies typically have exclusion clauses and if a death falls under one of those clauses the claim can be denied Typical life insurance exclusions include.
- Suicide Clause: Most life insurance policies contain a suicide clause, which states that if the policyholder commits suicide within a specified period (usually two years) from the policy’s start date, the insurer will not pay the death benefit.
- Material Misrepresentation: If the policyholder provided false or misleading information on the insurance application, the insurer might deny the claim. Common areas of misrepresentation include age, health conditions, lifestyle habits (such as smoking), and occupation.
- Death During Criminal Activity: If the insured dies while committing a crime or participating in illegal activities, the insurer may deny the claim.
- High-Risk Activities: Deaths resulting from high-risk activities, such as skydiving, scuba diving, or racing, may be excluded if these activities were not disclosed when the policy was purchased.
- Incomplete or Incorrect Documentation: Providing incomplete or incorrect documentation when filing a death benefits claim can lead to delays or denials. It is essential to ensure that all required documents, including a certified death certificate, are submitted accurately and completely and that any additional information requested by the insurance company is received in a timely manner.
- Policyholder’s Failure to Disclose Information: If the policyholder fails to disclose significant information, such as a pre-existing medical condition, the insurer might deny the claim on grounds of material misrepresentation.
If you are encountering issues with getting a life insurance claim approved and obtaining the death benefit to which you are entitled, call the experienced life insurance lawyers at Malik Law at 407-598-6618 or fill in the Free Case Evaluation form on our website. We’ll investigate your claim, communicate with the insurance company on your behalf, and help you get the full benefit to which you are entitled.
How Can an Orlando Life Insurance Claim Lawyer Help Me?
If you have filed a valid life insurance death benefits claim and have received a denial of the claim or the claim has not been processed and paid within a reasonable time period, it is time to consult with an experienced life insurance claim attorney at Malik Law. We have the experience, skill and resources necessary to ensure that valid claims are processed without further delay and paid in full.
Call us at 407-598-6618 or submit our online Case Evaluation form today. An experienced Orlando life insurance claim lawyer will explain your rights and advise you on your best course of action at no cost to you.