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When Your Life Insurance Policy Won't Pay
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Most often the spouse of the deceased person is the beneficiary (or his family members as provided at the time of buying the life insurance policy). It is therefore important for you as the insured person to get your beneficiaries acquainted with the fact of the policy, and how a claim should be filed.
Here is what you need to do to educate the beneficiaries, so that they will not be put to hardships later when you will not be around to help them.
Associate the beneficiaries very early before you buy a life insurance policy. This will help them to file a proper claim in the event of the unforeseen happening.
Get the beneficiary/beneficiaries to sit with you when an insurance agent calls at your home. This is to get the beneficiaries get acquainted with the agent. You should remember that your agent is the person who will be helping the beneficiaries to claim the money due on insurance.
Introduce the agent to every member in your family, and make him promise to do his best to get the claim processed for the family – remember that you will not be around.
After you pay every annual/monthly/quarterly/half-yearly premium for the life insurance give the receipt to one of your family members for safe keeping. A lost receipt, though not a big issue, can cause trouble in some situation. It is always best to keep all records straight and in order at all times.
Ask your insurance agent to explain your family the circumstances under which a claim can potentially be denied. This will help your family not to make an unwarranted claim for money in the event of the insurer’s death.
Here are some reasons that can void a claim for insurance benefits
The person whose life is insured commits suicide or deliberately creates a situation for his premature death.
The person engages in activities that are very risky – like for example participating in dangerous sports like boxing, wrestling, sky jumping and stunts.
The person fails to disclose facts about his actual state of health at the time he buys the life insurance policy, or falsifies documents to obtain insurance. Misrepresenting can also lead to claims getting denied.
The person fails to pay the prescribed premium amount the life insurance within the stipulated period for each installment.
As a rule, people who buy insurance on their life must ensure that all information they provide is clear and verifiable. It is good for their family. A well-prepared claim is never denied.
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