For those who have never filed an insurance claim it can be confusing.
Knowing what type of coverage you have and how it applies to you can be
challenging to navigate due to a host of caveats built into each plan.
Have you or a loved one filed a life insurance claim and been denied? If
you believe you have a case, contact our JEWELL RADIMISIS JORGE LL.P life
insurance lawyers and schedule a consultation. With over 55 years of experience
behind our work, our team has had success in and out of the courtroom.
Call our lawyers at (647) 360-6685 to schedule an appointmenttoday.
Life insurance is a valuable financial resource for your loved ones at
the time of your death. Life insurance compensates the deceased's family
with a tax-free, lump-sum payment to assist with funeral expenses, provide
for dependents, pay off the deceased's debts, and maintain a standard
of living. There are many life insurance policies to choose from, but
not all have the same coverage.
The duration of coverage for term life insurance is for a fixed amount
of time. This type of insurance compensates the family if the deceased
passes away within the predetermined period or before they reach a certain
age. A term life plan will be void when the insured reaches the designated age.
Permanent life insurance plans cover an individual for their entire lifetime.
They differ from other policies in that they accrue cash value over time.
Due to this crucial difference, permanent life insurance plans may allow
the policyholder to use it for collateral toward a loan. However, take
caution when considering using a life insurance plan as loan collateral.
If you borrow money using your plans' cash value and do not pay it back,
you may reduce your beneficiary's reward amount after your death. If you
choose to cancel your plan, you may be able to get cash back if you cancel
your policy.
This insurance plan combines coverage with an investment option. Universal
life insurance plans have a built-in investment account that may allow
for withdrawals and loans.
Universal life insurance carries a risk, however. The death benefit for
your beneficiary may be increased or decreased based on the returns, or
lack thereof, on your investments. The types of investments you choose
to hold in your account can also positively or negatively affect the final
benefit amount.
Choosing a beneficiary is necessary when you enroll in a life insurance
plan. The beneficiary is the recipient of your policy after your death.
Many insurance policies allow for more than one beneficiary to be listed.
If you choose multiple beneficiaries, the insurance company will divide
the benefit amount among those listed.
Some plans may allow for beneficiaries to be revocable or removed from
the plan at any time. Other plans do not qualify for this flexibility
and require written permission from the beneficiary before any plan changes
take effect. Be sure to review your plan to determine whether a spouse
is an automatically irrevocable beneficiary.
Trusts are an option in place of a direct transfer of the benefit amount.
These are a consideration most often for beneficiaries under the legal
age. Before you set up a trust, consult an insurance attorney on the specific
rules based on your province or territory.
Life insurance policies can provide financial peace of mind for your loved
ones at the time of your death. It is vitally important that you take
the necessary steps to avoid a claim denial.
Insurance companies can deny claims for several reasons:
Expired policies, insufficient documentation, and underqualified representation
are avoidable. Keep updated financial and medical records on hand to ensure
that your answers on the application are correct. When you lose a loved
one, it can be difficult to keep track of small details like a death certificate.
However, it is crucial to have an
official copy of the death certificate to receive the insurance benefit. Review your
policy or have it reviewed by an insurance lawyer in your area to avoid
denial for these reasons.
Call us at (647) 360-6685.
Other reasons, however, are unavoidable. Suicide
is one of the leading causes of death for both men and women from young adulthood to middle age. Suicide is
an extremely traumatic event. No one can quantify the pain of losing a
loved one. Unfortunately, insurance companies may find that when insured
persons die from suicide, the plan cannot benefit the deceased's loved ones.
When choosing a life insurance option, be sure to consult an insurance
lawyer to help you make the best decision for you and your loved ones.
If you have been denied a claim and believe you have a case, contact JEWELL
RADIMISIS JORGE LL.P to determine if you have a case in Toronto or anywhere
else in Ontario. We will review your plan and determine the reasonableness
of your denial. Our lawyers put their experience behind their work, so
no stone is left unturned. Choose a team that puts you first.
Our team cannot wait to hear from you. Contact JEWELL RADIMISIS JORGE LL.P.today.
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