Life Insurance Lawyer Serving New Mexico
The Life Insurance Law Firm – Boonswang Law
Boonswang Law’s Team of Experienced Life Insurance Lawyers Serving MN Will Fight for You
Discuss Your Claim with the New Mexico Life Insurance Lawyers at Boonswang Law – Free of Charge!
Boonswang’s team of life insurance lawyers in NM have decades of experience fighting for the rights of beneficiaries.
You already know that people purchase a life insurance policy to ensure the financial well-being of their beneficiaries. Policyholders expect that if they die within the policy term, their loved ones will receive the death benefit.
It is rarely that simple. Just like any other business, life insurance companies must make money for their shareholders and are concerned with their bottom line. They only make money when they collect premiums and delay or deny claims. For this reason, they expend a great deal of effort to deny or delay payment on valid life insurance claims.
If your life insurance claim was denied or is being delayed, the NM life insurance lawyers at Boonswang Law can help you fight back and get your payout.
Our New Mexico Life Insurance Lawyers Have Helped Beneficiaries from these Cities and the Surrounding Areas:
Common Reasons for Life Insurance Claim Denials in New Mexico
Cause of Death is Allegedly Excluded from Coverage
All life insurance policies include a list of causes of death that are not covered. These are called “exclusions.” For example, death due to self-inflicted injuries and death due to terorism or acts of war are common exclusions.
A life insurance company will try to use an exclusion to deny your claim If there is even a remote possibility that exclusion applies to the policyholder’s death. In these cases, we investigate and can often show that the exclusion does not apply, and we get our beneficiary clients paid.
Alleged Policyholder Misrepresentation
When someone applies for life insurance, they complete an application and medical questionnaire. The life insurance company calculates the policyholder’s risk of dying within the policy term by factoring in the information the policyholder provides, typically facts like age, weight, occupation, health and medical conditions, and lifestyle habits like drinking alcohol or smoking. Policyholders who are at greater risk of dying during the policy term pay higher premiums than those who are less at risk.
If a policyholder makes a mistake or fails to disclose information on the application or the medical questionnaire, the life insurance company will allege that they misrepresented themselves in order to get a lower premium payment and then retroactively cancel the policy and deny your claim.
Call us if your claim was denied due to misrepresentation. We have gotten many of our clients paid when the life insurance company alleged the policyholder misrepresented themselves.
The Policyholder Died Overseas
When a policyholder dies outside the U.S., life insurance companies generally delay payment on claims for death benefits because of a delay in receiving a death certificate, or because a foreign death certificate contains insufficient information regarding the policyholder’s death.
If the life insurance company is delaying payment on your life insurance claim for this reason, contact us. We can help – and the life insurance company may owe you interest due to the delay!
The Policy Lapsed Due to Nonpayment of Premiums
Life insurance companies provide coverage in exchange for policyholders’ premium payments. If a policyholder does not remit payment when due, life insurance coverage may lapse and terminate and beneficiaries’ claims will be denied.
This is not the end of the story, however. Beneficiaries can often get paid on lapsed policies. Every state including New Mexico regulates the termination of life insurance coverage, and often life insurance companies and employers who provide group life insurance coverage to employees fail to follow those regulations, resulting in nonpayment of premiums that is not the fault of the policyholder.
If your claim was denied due to lapse, we may be able to get you paid. Call us to discuss your claim.
What to Expect When You Hire Boonswang Law’s New Mexico Life Insurance Lawyers.
We realize that it is likely you have never worked with a life insurance lawyer before and may not know what a life insurance lawyer can do for you. Here’s what we do for our beneficiary clients, among other things:
- Review the policy terms to determine coverage and exclusions
- Review the denial letter and any other correspondence from the life insurance company
- Investigate allegations made by the life insurance company in denying your claim
- Negotiate with the life insurance company to get you a payout
- Litigate your claim in court if the life insurance company refuses to pay
All life insurance companies employ a team of experts, consultants, and lawyers whose priority is to look out for the companies’ profit margins. The more premiums a life insurance company collects and the fewer death benefit claims they pay out, the more profit they make for their shareholders. In other words, the interests of the life insurance company are at odds with yours and with the policyholder’s.
You can count on the New Mexico life insurance lawyers at Boonswang Law to fight back to get you the death benefits you were meant to receive.
New Mexico Life Insurance Claims FAQ
Who Can Change a Life Insurance Beneficiary Designation in NM?
Only the policyholder. In rare cases a person with power of attorney may change a beneficiary designation.
Just Before the Policyholder’s Death, the Beneficiary Changed from Me to Someone Else, What Can I Do?
First, know that all policyholders have the power to change their beneficiary designation any time they choose, and to whomever they wish. However, if you suspect a fraudulent beneficiary change or a change made under duress, you can contest it.
Insurance fraud cases can be very difficult to prove. Contact an experienced life insurance beneficiary attorney for help litigating this.
Can a Life Insurance Beneficiary Change After the Policyholder’s Death?
Absolutely not! A beneficiary designation change after the date of the policyholder’s death is fraudulent. Contact an experienced life insurance beneficiary attorney immediately.
What Happens When a Minor is a Life Insurance Beneficiary?
A minor cannot directly receive life insurance death benefits. In these cases, a court will have to appoint a conservator to administer the funds on behalf of the minor beneficiary. Unfortunately, there is little to prevent a conservator from using the funds for their own benefit.
If a policyholder wants a minor to receive the death benefit, they should consider setting up a trust with the minor as beneficiary of the trust. Then, name the trust as beneficiary of their life insurance policy. This way, they can select who will act as trustee who acts as the fiduciary to the minor thus obligating them to act in the minor’s best interest.
When Should a Spouse Contest a Life Insurance Beneficiary Designation?
If you are a spouse or ex-spouse and you were supposed to be the named beneficiary for any reason and someone else was named, you can contest it. For example, some policyholders are under court order to designate their ex-spouse as beneficiary to insure support payments. Other policyholders have designated irrevocable beneficiaries and are not supposed to be permitted to change it.
Contact us if you were supposed to be a beneficiary on a life insurance policy but someone else was named instead – we can help you.
The Beneficiary Predeceased the Policyholder, What Happens Now?
If the primary beneficiary died before the policyholder, 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.
Unfortunately, if the estate received the death benefit, those funds are subject to the claims of the policyholder’s creditors. To avoid this and make sure intended parties receive the whole death benefit, policyholders should keep their beneficiary designations current.
What Should I Do if My Life Insurance Claim is Denied?
You should contest that denial. Why? Because life insurance companies frequently deny valid claims.
When you receive the denial letter you should also receive documents explaining how to contest the denial with the life insurance company. Call us – we can help you fight back.
Will a Life Insurance Company Pay a Claim on a Lapsed Policy?
Frequently, but you have to fight for it.
You must contest the denial and investigate why the lapse occurred. If the lapse was not the fault of the policyholder, it is possible to still get a payout if, for example, an employer failed to give the policyholder conversion papers or improperly administered the policy, or the life insurance company failed to send the policyholder any of the lapse notices that are required under the law.
Call our NM life insurance lawyers if your life insurance claim was denied due to lapse. We will investigate and get you paid if at all possible.
How Do I Find Out if Someone Had Life Insurance?
If you suspect a loved one had a life insurance policy, you will have to dig around for evidence because there is no nationwide database of all policyholders.
The contents of a safe-deposit box or your loved one’s desk drawers might give you a clue. You can also look through your loved one’s recent mail for premium notices, and look through bank account statements for evidence of premium payments.
How Long Does It Take to Receive a Life Insurance Payout?
A life insurance company should pay the beneficiary within 30-60 days of submitting the claim.
If this time has passed and your claim has not been paid yet, contact us. When a life insurance company unreasonably delays payment on a life insurance claim, they may owe you interest on the death benefit.
Talk with an Experienced New Mexico Life Insurance Lawyer at Boonswang Law – Free of Charge!
You have been through enough, losing a loved one. Let us handle the life insurance company for you.
Boonswang Law has been helping life insurance beneficiaries throughout New Mexico for decades. Our goal is to get you the death benefits you are entitled to in a timely and efficient manner.
Contact us today for your free, no-obligation consultation. We are ready to fight for you!