Chicago Life Insurance Lawyers Protecting Your Right to Settle Your Life Insurance Claim
Serving plaintiffs throughout Illinois who are in a dispute with a life insurance company
Purchasing a life insurance policy usually feels like the responsible thing to do when you have others who depend on the income that you provide for their livelihood. You blithely assume that when the day comes, your loved ones will be provided for from the proceeds of the policy, but what you do not understand is that the insurance company may make it difficult for your heirs to collect their share of the payout by delaying payment or denying the claim altogether.
The Chicago life insurance dispute attorneys at Gainsberg Law have more than 20 years of experience representing clients who find themselves entangled in a dispute over the proceeds of a life insurance policy. We understand the emotional turmoil that clients experience when a loved one passes away, so we take on the legal challenge and get results while you grieve and handle everything else in your life.
The following are some of the life insurance companies that serve the Chicago area that our clients have had policies with:
- Penn Mutual Life Insurance
- Nationwide Insurance
- Uni Care Life & Health Insurance
- National Life Insurance
- Old Republic Life Insurance
- Fidelity Life Association
- Federal Life Insurance Company
What is life insurance?
The purpose of life insurance, per the folks at Investopedia, is to provide a measure of financial security for your family after you die. That financial security is in the form of a contract between the policy holder and the insurance company to transfer the financial risk of a premature death to the insurance company for an agreed-upon premium. The three aspects of a life insurance contract are:
- The death benefit
- The payment of the premium
- Cash value account (in cases of permanent life insurance policies)
What is life insurance used for?
The proceeds of a life insurance policy are used to cover items such as the deceased final medical expenses and funeral costs, but the money is also used to cover living expenses for the beneficiaries of the policy.
Life insurance premiums
A premium is the amount that the insured person pays to the insurance company in exchange for the death benefit when the insured dies. The price of the premium has many variables such as:
- Age of the insured
- Personal and family medical history
How much a person pays for life insurance is dependent on these and other factors. For example, a young male who is single, travels a lot and collects (and drives) race cars would likely have a much higher premium for life insurance than a mom who works from home and cares for a small child.
What are the different types of life insurance policies?
The Insurance Information Institute says that there are two principal types of life insurance--term and whole life. Whole life is also called permanent life insurance which has several sub-categories. Term insurance is a bit simpler as it pays only if the death occurs during the term of the policy. There are two variations of term life insurance--level term and decreasing term. As the name implies, the death benefit for a level term policy remains the same throughout the length of the policy, while the death benefit decreases over the length of the policy.
Life insurance claim disputes
Sometimes, when the insured passes away, the beneficiaries of their life insurance policy are unable to collect the proceeds because the insurance company delays or denies payment on the policy. The insurance company's first motive is to make a profit. If they approve every claim it might put those profits in jeopardy. Some beneficiaries whose life insurance claims are denied simply give up and do not pursue it thinking that they are powerless against a big insurance company. The Chicago life insurance dispute attorneys at Gainsberg Law are prepared to force the insurance company to abide by the terms of the contract that you both agreed to.
Delay of the payment for life insurance
Most insurance companies honor their end of the contract and pay claims promptly and in full. Other companies may choose to delay payment of your claim for various reasons. If you know that your claim is legitimate, and the insurance adjuster is stalling and failing to return your phone calls, you may want to have a conversation with a life insurance dispute lawyer about filing an insurance bad faith claim. That might get the insurance company's attention.
Life insurance claim denial
If the insurance company denies your claim, an experienced life insurance dispute attorney can review the policy documents and denial letters to determine why they chose to deny your claim. There is the option to negotiate a settlement with the insurer, or bring a lawsuit against the company if necessary.
My life insurance claim has been contested. What do I do now?
Your first step is to schedule a consultation with a skilled life insurance dispute lawyer. Interestingly, when you hire a lawyer you may notice the tone of the communications with the insurance company changing. You can feel confident when you have an attorney on your side who has intimate knowledge of all the shady tactics that insurance companies often engage in so that they can separate claimants from their money.
Contact a skilled Chicago life insurance dispute lawyer to discuss your case today
At Gainsberg Law, our Chicago life insurance represent beneficiaries who are being mistreated by an insurance company. Whether your claim is being delayed or it has been denied, our experienced lawyers will hold the insurance company accountable to the terms of the policy and we fight for your legal rights under your policy. You may contact us at 312-600-9585 or through our contact form to get answers now.