Life insurance is an important financial tool that helps to ensure those who depend upon you will be taken care of when you’re gone. The peace of mind that you derive from life insurance can be difficult to overstate. If, however, you’ve filed a life insurance claim that was denied, it represents the flip side of this coin – you were chosen as a beneficiary of the holder’s policy, but his or her wishes were not upheld (and the claim was denied).
There are strict laws in place to help claimants like you who are facing life insurance claim denials, and one of the first steps you should take in the face of a denied life insurance claim is consulting with an experienced Illinois life insurance attorney.
Insurance companies can deny life insurance claims for alleged material misrepresentations, which means that the policyholder is alleged to have provided false information, such as the following, on the application:
Material misrepresentation claims, however, are only valid for the first two years that the policy is in place. After that, the insurance company needs another reason for denying your claim.
The Illinois Insurance Code regulates the state’s insurance industry – as guided by the Illinois Department of Insurance (IDOI), and the primary rules that may affect your claim include the following:
The insurance company handling your claim has immense resources behind it, which makes working closely with a dedicated life insurance attorney the surest path forward.
If you have a life insurance claim, it represents the care and concern that your lost loved one set up for your financial benefit, and having it denied can leave you at a considerable loss. Fortunately, you have legal rights, and the trusted Illinois life insurance attorneys at Bartolic Law are here to help protect them. For more information about what we can do, please don’t hesitate to contact us today.