Cash Value Life Insurance Claims
There are various types of life of life insurance. There is term life in which one pays for 5, 10, or 20 years of coverage. These types of insurance policies provide coverage and benefits only during the allotted time. If a death occurs outside of these time frames, then no benefits will allotted to any beneficiaries. Another type of life insurance is Cash Value, Universal, or Whole. This type of policy provides coverage during an entire life. Cash Value Life insurance policies have several advantages. First, it is possible to barrow against your cash value. Cash value of your policy refers to part of your premium that is kept in an interest earning account. Of course, one cannot barrow more than what is accrued in cash value.
Second, you may surrender the cash value. This means you may opt to cash out your cash value and cancel your policy. Lastly, you can skip a premium payment using your cash value. As Florida insurance claims attorneys we understand the advantages of this type coverage. We also understand that sometimes insurance companies do not honor their contract and try to limit compensation beneficiaries. Life insurance companies have several tactics they use to avoid coverage and to limit payout of benefits. For example, they may dispute the cause of death or allege there has been a material misrepresentation. They may even go as far as to allege fraud. As it pertains to material misrepresentations they usually relate to, hobbies/dangerous activities, age, profession/work, employment history, Tabaco use, and alcohol use. A misrepresentation may be material if the insurance would not have accepted the risk had it had full knowledge of the facts. An insurance company may deny a claim under these circumstances, even if the death is unrelated to misrepresentation. However, it should be noted that not every misrepresentation or omission is material. The burden in such circumstances is on the insurance company. Underwriting guidelines are very helpful in determining whether a material misrepresentation is present.
It is important to hire a Miami life insurance lawyer if any of the above named tactics for denial or delay is used. In fact, you should call a Miami-Dade life insurance attorney if you have any doubts or concerns about any questionable activity by an insurance provider concerning your benefits. In other words, it is best to take extra precautions when dealing with insurance companies and substantial benefits. We have seen many beneficiaries that have been jeopardized by not hiring an attorney early in the claims process. Do not let this happen to you or your loved ones.
Life insurance claims can be complicated. It is imperative that a claim be prepared with the upmost care and detail. We understand that a life insurance claim can be extremely difficult and perplexing in times of grief. Our South Florida life insurance claims attorneys are available 24/7 to assist you. Hire experienced attorneys to help you get full compensation for your life insurance benefits. We can be reached at 1.888.413.8353.