Was your loved one’s life insurance claim wrongfully denied, or has your insurance company delayed too long in processing the claim and getting you your money? When we buy life insurance, we do so to protect the people we love and to prepare for the day when we finally pass away. Life insurance is designed to provide funds to those who need them but, unfortunately, life insurance companies often fail to pay out claims in a timely manner or deny the claim altogether. When this happens, people miss out on the money they need to move forward after losing a loved one, and the money they need to recuperate from the financial loss associated with the death.
Of course, life insurance companies are required to pay the benefits that are laid out in the policy, and to adhere to any terms and conditions that are laid out in the contract that they and the policyholder both signed. But sadly, it’s not always the case, and life insurance companies are notorious for making things difficult for those who hold policies. If you find that your life insurance company has wrongfully denied the payment of a death benefit claim on behalf of your deceased loved one, this can be considered bad faith insurance dealing. Schedule a free consultation with our attorneys for help.
What Is Life Insurance?
Life insurance is defined as “a contract between the insurance company and an insured in which the company promises that at the death of the insured, the company will pay a certain amount of money to a person the insured designates in the contract if that person survives the insured. In return for the promise to pay, the insured will pay the life insurance company a premium.”
Legally speaking, life insurance is considered a third party beneficiary contract because it is made for the benefit of a person who is not a party to the agreement. This type of insurance is denied to provide funds to those who need them after a loved one has passed away. If you find that your life insurance company is operating in bad faith, on top of grieving the loss of a loved one, you shouldn’t have to deal with this added stress. Our lawyers will handle every aspect of solving this situation so you can get back on your feet faster and spend more time with your loved ones.
What Is Bad Faith Insurance?
Insurance companies are required to act in good faith. Bad faith insurance dealing is when an insurer fails to fulfill its obligations to its policyholders. This can mean either failing to pay a policyholder’s valid and legitimate claim, or if they are delayed in processing a legitimate claim within a reasonable time frame.
Additionally, if an insurance company does not disclose exclusions, limitations or exceptions on a policyholder’s coverage before they purchase the coverage or amend it, this is bad faith as well. Insurance companies are required to operate with transparency and integrity at all times, but sadly this isn’t always the case.
Insurance companies are required to uphold what is laid out in their contracts with policyholders. If this contract is ever breached or these duties are not upheld, the insurance company may be found to be operating in bad faith. If you believe your insurance company is acting in bad faith, a lawyer can help.
How Does A Lawyer Help Me If My Life Insurance Claim Was Denied?
Was your loved one’s life insurance claim wrongfully denied? You have the right to push back against a bad faith insurer, but may have difficulty doing so without the help of an attorney. It can be hard to stand up to these companies alone.
Our team of attorneys at McKennon Law Group have extensive experience fighting back against bad faith insurance companies and doing the work necessary to defend you from their wrongdoings. You have the right to have your loved ones life insurance policy paid out in an appropriate time frame, and also uphold the right to anything that is laid out in the contract between both you and your insurance company.
If you or a loved one have been denied a claim and feel that this was the wrong decision, our attorneys can help you file an appeal and push back to get what you need. It can be hard standing up to big insurance companies by yourself, so be sure to contact a lawyer right away to get started on the process. We’ll stop at nothing to secure the best outcomes for you and your team.