There are some things in life that, although unpleasant, are necessary to deal with, such as paying taxes or getting that annual physical at the doctor’s office. Life insurance is one of those matters that no one wants to talk about, but is necessary, especially if you have a spouse or children depending on you.
Who Needs Insurance?
If anyone depends on you, such as a spouse, children, or even parents, it is critical that you purchase life insurance to protect their interests should something happen to you. Those who are single or older with no dependents may not need such insurance, although a small policy to help cover burial costs is recommended for everyone. One thing to remember is that the earlier in life you purchase insurance, the less it will cost, so it is advisable to purchase a policy when you are young.
Types of Insurance
There are many different types of life insurance, but the most commonly purchased is term life. In a term life policy, you pay a monthly or annual premium for a set amount of coverage for a set amount of years. As long as you pay the premiums, the insurance remains in effect.
In addition, your employer may offer coverage as well, and these policies are great for those who can’t get insurance on their own, like those with a serious medical condition. Employer policies also do not require health examinations in most places, so for those who don’t want to undergo medical tests required by some insurance companies, which are often just blood tests, employer insurance is the best option. The bottom line is to have enough insurance to cover all debts and burial costs so that your family is secure when you die.
Unfortunately, insurance companies sometimes seek reasons not to pay death benefits after a person dies, which is why when purchasing a policy, it is critical to read the fine print. In some cases, the company will claim that there were questions about whether a policy was in force at the time of death, possibly claiming premiums were not paid as agreed.
A company may also seek possible fraudulent action if someone dies whose policy is less than two years old in an effort to avoid payment. If there is suspicion a beneficiary was involved in the person’s death or if there is evidence that the policy was obtained through fraudulent means, a company may deny benefit payments.
If an insurance company is denying benefits on a policy, or delaying the payment of those benefits, visit www.boonswanglaw.com and complete the easy-to-use form on the website, or call them at 855-865-4335 to learn how they can help get the justice you deserve.