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It seems life insurance companies can look for any possible reason to deny claims to maximize profits and minimize payouts. Many policies include lesser-known provisions that exclude coverage in certain circumstances. For example, insurers sometimes exclude coverage for self-inflicted harm. Can insurers deny coverage if the insured party was intoxicated at the time of... Read More »
By Gianelli & Morris Posted on August 12, 2022
If you fail to pay your monthly premiums for your life insurance or other form of insurance, the insurance provider has the authority to terminate your policy or let it “lapse.” Insurance companies often count on certain policyholders forgetting to pay their premiums. Policyholders are much more likely to fail to pay when they... Read More »
By Gianelli & Morris Posted on July 27, 2022
One of the most common grounds for denial of insurance claims is that the policy has been allowed to lapse due to nonpayment of premiums. If you fail to pay your premiums, insurance companies can and will terminate your policy. For life insurance policies in particular, this becomes an insidious cycle. People are more... Read More »
By Gianelli & Morris Posted on July 19, 2022
Reinstatement gets you the policy you originally applied for without having to go through the entire application process once again. You’ll need to submit a questionnaire regarding the current state of your health, and if your health remains more or less the same, you’ll get back the rate you were paying before the lapse.... Read More »
By Gianelli & Morris Posted on June 27, 2022
Policy lapse due to nonpayment of premiums is one of the most common reasons for life insurance benefits to be denied. There are, however, many situations in which a policy was unlawfully terminated or inappropriately allowed to lapse. In those situations, beneficiaries may still be entitled to benefits even should the insured party pass... Read More »
By Gianelli & Morris Posted on June 21, 2022