Unreasonable Delay and Denial of Life Insurance Claims
Life insurance provides for the payment of insurance proceeds to a beneficiary or beneficiaries upon the death of an insured person.
The death of a loved one usually terminates the salary, wages, benefits and other income produced by the family member and insurance can be an important tool to ensure the financial well-being of the remaining family members. Life insurance proceeds can help cover funeral expenses and the costs of living.
Insurance companies aggressively market life insurance as necessary for family peace of mind.
Of course, prompt payment by the insurance company is crucial when a loved one dies. A death is a loss. Insurance company delay or denial can aggravate and compound the loss.
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Business Planning and Life Insurance
Life insurance is often used as financial vehicle in business planning. Businesses such as partnerships often have life insurance policies in place in the event of the passing of a partner in order to ensure the financial survival of the business.
When a business partner dies, prompt payment of insurance benefits is crucial. Any delay or denial by an insurance company can worsen an unfortunate situation.
Insurance companies may delay or deny payment of an insurance policy claim. Delay or denial may be because of alleged application, underwriting or beneficiary issues.
Our insurance lawyers have assisted many individuals in recovering life insurance policy benefits. You may be entitled to the recovery of penalties and fees if the court finds the insurance company engaged in unreasonable delay or denial of your life insurance policy claim.
Contact a Chicago Life Insurance Attorney
If you need help collecting benefits from a life insurance policy, we have the experience to help to resolve your battle with the insurance company. Our life insurance attorneys will help you. For a free legal review of your case, please contact us by email at info@blg-legal.com use our online contact form, or by phone at (312) 766-1000.