Life insurance is the type of insurance that compensates spouses, families, and other beneficiaries of deceased individuals for their loss of the deceased’s financial support. For many people, having a life insurance policy gives them peace of mind knowing that if they were to die prematurely, their loved ones would not face financial hardship. Working with an experienced life insurance lawyer can save you the stress and headaches that often accompany filing and managing this type of claim. If your life insurance claim is denied, your lawyer can work on your behalf to appeal the denial and pursue the compensation you are seeking.
Filing a Life Insurance Claim
In order to file a life insurance claim, you must provide a copy of the deceased individual’s death certificate because you must prove that he or she is no longer living. With some policies, claimants are also required to provide additional documentation. Sometimes, the claimant is able to choose how he or she wants to receive his or her benefits from the claim. Options generally include:
- A lump sum payment;
- Lifetime income. With this option, the claimant receives benefits in regular installments for the rest of his or her life;
- A specific income schedule. By choosing this, the claimant chooses to receive benefits in installments according to a specific schedule; and
- Income interest. A claimant may also have the option to allow the insurance provider to keep ownership of the policy and simply pay him or her the interest it accrues. Upon the claimant’s death, it is transferred to a new beneficiary.
Appealing a Denied Life Insurance Claim
If the life insurance policy with which you file your claim is one governed by theEmployee Retirement Income Security Act of 1974 (ERISA), there is a higher chance it will be denied than if it were a consumer life insurance policy. This does not mean you cannot recover compensation from an employer-sponsored life insurance policy, but that it can be quite challenging to do so. If your life insurance claim is denied, your lawyer can help you understand your recourse options, keep track of the deadlines that apply to your case, and ERISA’s appeals process. If your policy is not governed by ERISA, your attorney can also help you determine whether thelife insurance provider acted in bad faith by denying your claim and work to overrule the decision. If you do end up litigating the case, your lawyer can help you navigate this process.
Work with an Experienced Radnor Life Insurance Lawyer
Life insurance claims, like all other types of insurance claims, can be complicated. Working with an experiencedlife insurance lawyer can ensure that you are fully aware of your rights and all of your legal options when you are working through this process. To get started with a member of our team, contact The Garner Firm, Ltd. today to set up your legal consultation in our office.