If you are currently in a contestability investigation with your life insurance company, you need the help of a California estate planning lawyer right away. Our attorneys understand that it can be very confusing to understand what a life insurance company can and cannot do, and sometimes it’s hard to know if you are being taken advantage of. It can be hard to stand up to life insurance companies all on your own, so it’s crucial that you work with a team of attorneys that will help you come out of the situation on top. Read on to learn more about the contestability period, material misrepresentations, and how to fight back against an insurance company who you believe is not operating in good faith.
At McKennon Law Group, we offer a free consultation to any Newport Beach resident who is interested in filing for life insurance or has questions about a current life insurance policy they already have. We will stop at nothing to ensure that you understand what is going on with your policy and that you understand how to fight back against big insurers.
What Is A Life Insurance Contestability Period?
Are you familiar with the term life insurance contestability period? When you file for life insurance you are given a contestability period. The contestability period is a span of two years starting from the date that the life insurance policy was issued during which the insurance company is permitted to look over the application and make sure that there were no lies, mistakes or material misrepresentations made.
The misrepresentations or lies in question do not have to be directly related to the cause of the deceased in order for the life insurance claim to be denied. As an example, if the person who is insured never told the life insurance company that they were addicted to smoking cigarettes, and then ultimately passes away from lung cancer in the first two years that they have a life insurance policy, the insurance company has the right to deny this claim because your filature say that you smoke cigarettes was considered a material misrepresentation
What Can A Life Insurance Company Do If They Are Contesting My Claim?
If you have filed for a life insurance policy, and the insurance company discovers that there was a material misrepresentation in the first two years on your application, the insurance company has several courses of action that they can take.
First if the misrepresentation would have called for a higher premium they will pay you out less money in order to get that money back. For example if you were a cigarette smoker and never disclosed that on your life insurance, then your payout money will be affected by this. You will get less money back because you should have been paying more money every month.
Additionally, if you purposely fail to provide important information the insurance company does have the right to deny your life insurance claim entirely and return the premiums that you had paid for the policy to the beneficiaries.
As mentioned earlier, standing up to these big insurance companies is not easy to do on your own. Without the help of a skilled lawyer, you run the risk of missing out on opportunities or understanding the full scope of the contestability period. Always talk to a lawyer if you have questions about insurance or are worried that your insurance company are not acting in good faith.
Schedule A Free Consultation With Our Insurance Lawyers If Your Life Insurance Is Being Contested
We understand that filing for life insurance can be confusing, and understanding what rights life insurance companies do and do not have can also be difficult. We encourage anyone that is suffering a contestability investigation to talk to our life insurance lawyers right away. We understand how contestability periods work in California and can give you crucial advice about how to win this case and get you the money that you rightfully deserve from your policy.
When a loved one passes away, the last thing you want to be doing is fighting back and forth with an insurance company about the money you believe is owed to you. Our attorneys will handle all of this leg work from start to finish and will work with the insurance company on your behalf. We will stop at nothing to fight back against any unfair actions, and will take the time to explain every fact of the situation to you so that you can feel confident proceeding.
Schedule a free consultation with our Newport Beach life insurance lawyers at McKennon Law Group today.