The loss of a loved one is always an incredibly difficult time. While you are grieving, money is the last thing on your mind but it’s important to consider it because financial problems will only make things worse. That’s why having a life insurance policy is so important because it protects the ones we leave behind.
Having that extra money can take the strain off the rest of the family so they can focus on grieving and coming to terms with the loss. But what happens when the policy doesn’t pay out? In some cases, the insurance company will refuse to pay out and this can leave you in a difficult position. If you lose a loved one and their life insurance won’t pay out, here’s what you can do.
Check Your Policy
The first thing you should do is check your policy to see whether any of the terms have been broken. There are several situations that are not usually covered by policies including suicide, fraud, and misrepresentation. If the policy won’t pay out because of one of these factors, you may be in a difficult position. When you are taking out a policy in the first place, it’s always important to check these things so you have a clear idea of exactly what is and isn’t covered. Unfortunately, if the insurance company is not paying out due to something that is written into the contract, there is not a lot that you can do.
Contact The Insurance Company For Clarification
If you can’t work out why the insurance company won’t pay out, the next thing to do is contact them and ask for clarification. They should be able to explain exactly why they are refusing to pay and whether they do have any wiggle room. Insurance companies want to keep their customers and they will usually bend the rules if it means that deals can still be made. Unfortunately, if you had no idea that something like suicide was not covered by the policy and then end up losing a loved one in that way, there is very little that can be done. If you don’t think their explanation is acceptable, you need to take further action.
Seek Legal Advice
If you want to fight the insurance company, you will need professional legal advice. Experienced insurance claim attorneys will be able to look at your case and tell you whether there is anything that can be done. Of course, this will cost money which you may not have but it could be the only way of getting justice for your loved one. Insurance companies are huge businesses with lots of resources and they won’t give up easily, so be prepared for a fight.
Gather Evidence
If you end up going to court, there is a good chance that the insurance company will fight tooth and nail for what they think is their right. That means you have to be fully prepared with evidence so that justice can be served. You should gather as much evidence as possible about your loved ones and the circumstances surrounding their death.
This is a very difficult situation to deal with while you are trying to grieve but if you think that the insurance company is acting unfairly, you do have options.
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