Life Insurance Lawyer Serving Minnesota
The Life Insurance Law Firm – Boonswang Law
Trust Boonswang Law’s Team of Minnesota Life Insurance Lawyers to Fight for Your Benefits
Call Boonswang Law to Discuss Your Case with an Experienced MN Life Insurance Lawyer
Our Minnesota life insurance lawyers have helped people throughout MN get the life insurance payout their loved one intended that they receive.
You probably think you know how life insurance works – someone purchases a life insurance policy to ensure the financial well-being of loved ones, then pays premiums to maintain coverage until the policy term ends or they die. If the policyholder dies within the coverage term, the named beneficiaries receive a death benefit in the face amount of the policy.
Unfortunately, it is rarely this easy. Life insurance companies only make money when they deny or delay paying claims, and they frequently thwart the goals of their policyholders by unfairly and incorrectly doing so to the detriment of life insurance beneficiaries in MN.
The MN life insurance lawyers at Boonswang Law can help you if you believe your claim for death benefits is being unfairly delayed or denied. Call us today for your free, no-obligation consultation.
Boonswang Law Has Helped Life Insurance Beneficiaries Throughout Minnesota:
Common Reasons Life Insurance Claims are Denied in MN
Policy Lapse Because Premiums Were Not Paid
A policyholder must pay premiums as they come due if they wish to maintain life insurance coverage. If the policyholder fails to pay premiums, the policy lapses, terminates, and coverage ends.
You might think that is the end of the story, however, there are many instances when a life insurance beneficiary can get a payout on a lapsed policy. Terminating a life insurance policy is highly regulated by state law, and frequently, life insurance companies and employers who provide group life insurance coverage for their employees fail to follow those regulations, resulting in nonpayment of premiums that is not the fault of the policyholder.
Call us if your life insurance claim was denied due to lapse. When a policy lapses and that lapse was not the fault of the policyholder, we have been able to get our beneficiary clients paid.
Suicide or Death Due to Another Policy Exclusion
All life insurance policies list causes of death that are “excluded” from coverage, and they vary from policy to policy. Suicide and death from acts of war or terrorism are common life insurance exclusions.
The life insurance company may allege that the policyholder committed suicide and deny your claim for death benefits. Because other causes of death can look like suicide, we investigate and are often able to show that the exclusion does not apply, and our clients get paid.
The Policyholder Allegedly Misrepresented Themselves
If the policyholder made a mistake on their initial application for life insurance or the medical questionnaire, that will prompt the life insurance company to allege that the policyholder misrepresented themselves in order to get a lower premium payment. The life insurance company then uses that alleged misrepresentation as an excuse to retroactively cancel the policy and deny beneficiaries’ claims.
We have been able to get our beneficiary clients paid when the alleged misrepresentation was an innocent mistake or had nothing to do with the cause of death. We have also been able to get our client beneficiaries paid when the alleged misrepresentation was related to the cause of death by settling for an amount that equals the death benefit minus whatever the policyholder should have been paying in premiums had the life insurance company known of the missing fact and calculated premiums accordingly.
Misinterpretation of the Policy Terms
Frequently, life insurance companies will bend over backwards to interpret the terms of the policy in such a way as to deny beneficiaries’ claims for death benefits. Remember, life insurance companies only make money for their shareholders when they collect premiums but deny death benefit claims, so they have little incentive to pay you!
Call us – we can help you interpret the policy and determine whether you should get your payout.
You Can Trust Your Life Insurance Claim With the MN Life Insurance Lawyers at Boonswang Law
Know that when you work with Boonswang Law, you can rely on our team of experienced MN life insurance lawyers to:
- Review the life insurance policy to determine coverage and exclusions, and explain any problems in coverage to you
- Handle all correspondence with the life insurance company to identify the reason or reasons for delay or denial of your claim for death benefits
- Negotiate with the life insurance company to get you your payout
- Investigate allegations made by the life insurance company in denying your claim to refute or cast doubt on those allegations
- Litigate your claim against the life insurance company in court when they refuse to issue your payout or settle with you
You should know that the interests of the life insurance company are at odds with your interests. Life insurance companies are just like any other business – they are always looking to improve their profit margin. The more in premium payments a life insurance company collects and the fewer death benefit claims they pay out, the more money they make for their shareholders.
The MN life insurance lawyers at Boonswang Law Firm will fight the life insurance company lawyers to get you the life insurance payout you deserve.
MN Life Insurance FAQ
What Happens When a Life Insurance Beneficiary Dies Before the Policyholder?
If the beneficiary died before the policyholder and the policyholder did not update their beneficiary designation accordingly, the life insurance company will pay the death benefit to the secondary beneficiary or the contingent beneficiary.
If the policyholder did not designate secondary or contingent beneficiaries, the death benefit can be paid to the policyholder’s estate. This makes insurance proceeds subject to the policyholder’s creditors. A policyholder can avoid this by making sure their beneficiary designation is up-to-date and that they designate secondary or contingent beneficiaries in addition to the primary beneficiary.
What if a Life Insurance Policy Has No Beneficiary?
Just like when the beneficiary has predeceased the policyholder and there are no contingent or secondary beneficiaries, the life insurance company will pay out to the policyholder’s estate.
How Do I Determine Whether My Loved One Had A Life Insurance Policy?
Unfortunately, there is no master list of all persons holding life insurance. This means you will have to snoop around on your own.
You can do this by searching the contents of your loved one’s safe-deposit box and desk drawers, and looking through your loved one’s recent mail for premium notices and through bank account statements for evidence of premium payments. You might also ask the deceased’s employer whether they had group life insurance through work.
Can I Share Life Insurance Benefits with My Siblings?
If you wish! There is no law preventing you from sharing the life insurance death benefits with whomever you wish. It is common for a policyholder to name one child as a beneficiary and for that child to share with siblings.
I Suspect the Beneficiary Designation was Changed to Someone Else Fraudulently at the Last Minute , What Can I Do About It?
A beneficiary designation change just before the death of the policyholder can and should be contested if you suspect the change was made fraudulently or under duress. This type of case is very difficult to prove, so be sure to contact an experienced life insurance beneficiary attorney for help.
Can I Collect Death Benefits from a Lapsed Life Insurance Policy?
Perhaps. It is possible to still get paid if the lapse was not the fault of the policyholder.
If the life insurance company failed to send the policyholder the legally-required notices of lapse, the beneficiary may still get paid. For example, if the policyholder was eligible for disability waiver of premium and did not get it, the beneficiary may still get paid. If an employer failed to give the policyholder conversion papers or improperly administered the policy, the beneficiary may still get paid. If the life insurance company failed to send the legally-required notice of lapse, the beneficiary may still get paid.
Can a Life Insurance Beneficiary Designation Be Changed After the Policyholder Dies?
Absolutely not! A beneficiary change after the date of the policyholder’s death is fraudulent. Contact an experienced life insurance beneficiary attorney immediately.
When Should a Spouse Contest a Life Insurance Beneficiary Designation?
If a spouse or ex-spouse was the irrevocable beneficiary, or was the beneficiary pursuant to court order, they should contest the beneficiary designation.
Who Has the Power to Change the Beneficiary of a Life Insurance Policy in MN?
Only the policyholder. If the beneficiary designation was changed by someone else, that is fraud. Contact our life insurance lawyers immediately.
Is there a Time Limit to Dispute a Life Insurance Claim Denial?
Yes. The statute of limitations is 60 days if the policy was an employer-sponsored group life insurance policy.
For all other life insurance, there is no time limit, however, the sooner you dispute a denied life insurance claim the better because we will have a better chance of collecting evidence that your claim should be paid.
The MN Life Insurance Lawyers at Boonswang Law Want to Discuss Your Life Insurance Claim With You
Our experienced MN life insurance attorneys have been helping life insurance beneficiaries throughout Minnesota for decades, and we can help you too. Our goal is to get you and your family the death benefits your loved one intended you receive.
The life insurance company has a team of lawyers on their side, working to figure out a way to avoid paying you. You need a team of lawyers on your side too! We are ready to fight for you. Your initial no-obligation consultation is free of charge. Contact us to discuss your claim.