Life Insurance Information USA » Lawyer

What Do I Do To Resolve a Dispute?

admin — Wed, 26 Dec 2007 16:22:55 +0000

Certain steps should be taken to resolve a dispute with your insurance company.

You do not need a lawyer to resolve disputes in most cases, most insurance companies will generally be willing to work with your to straighten out any problems.

First contact your insurance agent. If your concerns are not addressed contact the company’s customer service office. If customer service fails short of your expectation ask about the company’s procedure for appealing decisions.

If your self-help efforts fall short then the next step is to contact the Department Of Insurance Office of Consumer Services, and speak to a life insurance analyst. Your analyst will answer your questions over the phone and explain any additional steps you should take to resolve your problems. The staff will give you an honest and unbiased answers to all your questions.

If this explanation does not satisfy you, you can then request a complaint form which your insurance analyst will mail to you with instructions of how to fill the complaint form. Your analyst will review all the facts to make sure the company follows its contract with you as well as Insurance Regulations.

The most frequent complaints about Life Insurance are:

Misrepresentation
Information requested
Coverage question
Claim denial

Cheap Life Insurance Through An Agent

admin — Wed, 19 Dec 2007 19:50:10 +0000

When you purchase cheap life insurance through a good agent they can guide you through the process of buying life insurance by explaining the options and identifying what best match your personal needs. Life insurance can get very complicated.

Most agents are very professional and honest but remember a dishonest agent can confuse you with a sales pitch designed for high sales commission with little regard to the impact it might have on you financially.

A good agent can be your best ally and advocate if you have a problem with the insurance company.

It is always good to get recommendations from friends, business acquaintances, banker or lawyer about finding the best agent you want to buy your life insurance from.

Insurance agents are all required to be licensed. But I personally look for an agent with extensive education beyond the bare minimum required for a license. These agents may use initials after their names to let you know you are dealing with a well-trained professional. Some examples:

CLU: Chartered Life Underwriter

ChFC: Chartered Financial Consultant

FLMI: Fellow of Life Management Institute

CFP: Certified Financial Planner

Life Insurance | What Happens After I Die?

admin — Tue, 18 Dec 2007 14:36:16 +0000

If you do not sell your life insurance policy, and you should die, the beneficiary you named on your policy must file a claim to collect the death benefit. The insurance company has 60 days to pay the claim or notify the beneficiary.

The beneficiary should get a claim form from the insurance company. The insurance company will need, the name of the insured, a policy number and a certified copy of the death.

The beneficiary will have choice of ways to receive a death benefit. Settlement options could include the following:

A lump sum payment
An installment payment usually with interest
A checking account where the beneficiary receives a check book and can withdraw money when need
The insurance company could hold the benefits and pay interest

You generally do not have to pay income tax on death benefits.

Get advice from your lawyer or account on this matter.