When it comes to life insurance policies in Missouri, the concept of “material misrepresentation” plays a pivotal role in determining the validity of a policy. Understanding what constitutes a material misrepresentation can help policyholders and beneficiaries navigate potential disputes with insurance companies. This article delves into the legal framework, examples, and implications of material misrepresentation in Missouri life insurance law.

At the Saxton Law Firm, our Missouri business life insurance lawyers are ready to help you with any life insurance dispute. Get in touch today to see how we can help.

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Legal Definition of Material Misrepresentation

Under Missouri law, a material misrepresentation is defined as a false statement or omission made by the insured during the application process that significantly impacts the insurer’s decision to issue the policy. According to Missouri Revised Statutes Section 376.580, a misrepresentation is not deemed material unless it has directly contributed to the event or contingency on which the policy is based. For instance, if the insured fails to disclose a pre-existing medical condition that later leads to their death, this omission could be considered a material misrepresentation.

The statute also emphasizes that whether a misrepresentation is material is ultimately a question for the trier of fact to decide. This means that each case is evaluated on its unique facts and circumstances.

Examples of Material Misrepresentation

To better understand the concept, let’s explore some examples non-material and material misrepresentations:

1. Non-Material Misrepresentation: Suppose an applicant inaccurately reports their weight on the application form, but their cause of death is unrelated to their weight. In this case, the misrepresentation is unlikely to be considered material.
2. Material Misrepresentation: If an applicant fails to disclose a diagnosis of cancer and later passes away due to the disease, this omission would likely be deemed material. The insurer could argue that the undisclosed condition directly influenced their risk assessment and decision to issue the policy.

Implications for Policyholders and Beneficiaries

Material misrepresentation can have serious consequences for both policyholders and beneficiaries. If an insurer discovers a material misrepresentation, they may deny a claim or even void the policy altogether. This can leave beneficiaries without the financial support they were counting on during a difficult time.

However, not all misrepresentations lead to claim denials. Missouri law provides some protections for policyholders. For example, if the misrepresentation did not contribute to the insured event, the insurer may not have grounds to deny the claim. Additionally, the burden of proof lies with the insurer to demonstrate that the misrepresentation was material and that it influenced their decision-making process.

How to Avoid Material Misrepresentation

To minimize the risk of disputes, applicants should:

• Provide Accurate Information: Be truthful and thorough when completing the application form. Double-check all details to ensure accuracy.
• Disclose Medical History: Include all relevant medical conditions, even if they seem minor or unrelated to the policy.
• Ask Questions: If you are unsure about what information to include, consult with the insurance company or a legal professional.

Seeking Legal Assistance in Missouri

If you or your loved ones face a claim denial due to alleged material misrepresentation, it is crucial to seek legal advice. Experienced attorneys can review your case, assess the validity of the insurer’s claims, and help you navigate the appeals process.

In Missouri, an experienced life insurance claim denial attorney can provide valuable guidance and representation.

READ MORE: Steps to Take After a Life Insurance Claim is Denied in Missouri

Just because an insurer says you made a material misrepresentation does not make it so. Many companies are looking for reasons to deny your claim, and are hoping you won’t fight back. We can review your case pursue the compensation you are owed.

At Saxton Law Firm, our Missouri life insurance claim denial lawyers are ready to help you. Contact Saxton Law Firm for a FREE case review!

Life insurance is designed to provide financial security to beneficiaries after the loss of a loved one. However, delays in payouts can cause significant stress and financial hardship, especially when families rely on these funds for funeral expenses, outstanding debts, or daily living costs. If you are facing delayed life insurance payouts in Kansas City, understanding the reasons behind the delays and knowing how to address them can help you navigate this challenging situation.

At the Saxton Law Firm, our Missouri business life insurance lawyers are focused on winning you the compensation you are owed. Speak to us about how we can help with your life insurance payout delay.

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Common Reasons for Delayed Life Insurance Payouts

• Incomplete Paperwork: One of the most common reasons for delays is incomplete or incorrect paperwork. Insurance companies require a completed claim form, a certified death certificate, and other supporting documents to process the payout. Missing or inaccurate information can stall the process.
• Contestability Period: If the policyholder passed away within the first two years of the policy’s issuance, the insurance company may review the application for accuracy. This period, known as the contestability period, allows insurers to investigate potential misrepresentations or omissions in the policyholder’s application.
• Cause of Death Investigation: Insurance companies may delay payouts to investigate the cause of death, particularly if it involves suicide, homicide, or other circumstances that could affect the validity of the claim.
• Beneficiary Disputes: Disputes among beneficiaries or challenges to the policyholder’s designation can lead to delays. If multiple beneficiaries are named or if the primary beneficiary is deceased, the payout may require additional legal proceedings.
• Insurance Company Tactics: Unfortunately, some insurance companies employ tactics to delay payouts intentionally. These may include repeatedly requesting the same documents or conducting prolonged investigations to avoid timely payments.

Steps to Address Delayed Life Insurance Payouts

1. Review the Policy: Start by reviewing the life insurance policy to understand its terms and conditions. Pay attention to clauses related to payouts, exclusions, and the contestability period. Knowing your rights as a beneficiary is crucial for addressing delays effectively.
2. Contact the Insurance Company: Reach out to the insurance company to inquire about the status of your claim. Ask for specific reasons for the delay and request a timeline for resolution. Keep detailed records of all communications, including dates, names, and the content of conversations.
3. Provide Additional Documentation: If the insurance company requests additional documents, submit them promptly. Ensure that all paperwork is accurate and complete to avoid further delays.
4. Seek Legal Assistance: If the delay persists or if you suspect unfair practices, consider consulting an experienced life insurance attorney. Legal professionals can help you understand your rights, negotiate with the insurance company, and take legal action if necessary.
5. File a Complaint: If the insurance company fails to resolve the issue, you can file a complaint with the Kansas Insurance Department. This regulatory body oversees insurance practices and can intervene to address disputes.

Tips for Preventing Delays

• Verify Beneficiary Information: Ensure that the policyholder’s beneficiary designations are up-to-date and accurate. This can prevent disputes and complications during the payout process.
• Maintain Clear Records: Keep copies of the policy, claim forms, and correspondence with the insurance company. Organized records can expedite the resolution of delays.
• Understand Policy Terms: Familiarize yourself with the policy’s terms and conditions to anticipate potential challenges and address them proactively.
• Get an Attorney Involved: An experienced life insurance attorney can help you get seek the payout you deserve.

READ MORE: What to Do if a Life Insurance Claim is Rejected

A delayed life insurance payout can more stress than you need right now with everything going on. We are happy to assist you in getting the payout you deserve.

At Saxton Law Firm, our Missouri life insurance dispute lawyers are ready to help you. Contact Saxton Law Firm for a FREE case review!

Receiving a denial for a life insurance claim can be a devastating blow, especially during an already traumatizing experience. However, it is important to remember that a denial is not the end of the road. Understanding the steps to take after a life insurance claim is denied can help you navigate the situation and work towards a resolution.

At the Saxton Law Firm, our Missouri life insurance claim denial attorneys are ready to stand by you. Speak with us about how we can help.

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1. Understand the Reason for Denial

The first step after receiving a denial is to understand the specific reasons behind it. Life insurance companies are required to provide a detailed explanation for their decision. Common reasons for denial include:

• Lapsed Policy: The policy may have lapsed due to non-payment of premiums.
• Misrepresentation: Inaccurate or incomplete information provided during the application process.
• Exclusions: Certain causes of death may be excluded from coverage, such as suicide within the first two years of the policy.
• Contestability Period: If the policyholder passed away within the contestability period (typically the first two years), the insurer may investigate for discrepancies.

2. Review the Policy Documents

Carefully review the life insurance policy documents to verify the terms and conditions. Pay close attention to the following:

• Policy Provisions: Understand the specific provisions, exclusions, and requirements outlined in the policy.
• Payment History: Ensure that all premium payments were made on time and that the policy was in force at the time of the insured’s death.
• Application Details: Verify that the information provided during the application process was accurate and complete.

3. Gather Supporting Evidence

Collect any relevant documentation that can support your claim. This may include:

• Medical Records: Obtain medical records that can provide evidence of the insured’s health and cause of death.
• Payment Receipts: Gather receipts and bank statements that demonstrate timely premium payments.
• Communication Records: Keep copies of any correspondence with the insurance company, including emails, letters, and phone call logs.

4. Contact the Insurance Company

Reach out to the insurance company to discuss the denial and request a detailed explanation. Be polite and professional in your communication. Ask the following questions:

• Clarification: Seek clarification on the specific reasons for the denial.
• Documentation: Request copies of any documents or evidence that the insurer used to make their decision.
• Next Steps: Inquire about the process for appealing the denial and any deadlines for doing so.

5. File an Appeal

If you believe the denial was unjust, you have the right to appeal the decision. The appeals process typically involves the following steps:

• Submit a Written Appeal: Write a formal appeal letter addressing the reasons for denial and providing supporting evidence. Be clear and concise in your arguments.
• Include Documentation: Attach all relevant documents, such as medical records, payment receipts, and communication records, to your appeal.
• Follow Deadlines: Adhere to any deadlines specified by the insurance company for submitting an appeal.

6. Seek Legal Assistance

If your appeal is unsuccessful or if the denial is particularly complex, consider seeking legal assistance. An experienced life insurance attorney can:

• Evaluate Your Case: Assess the validity of the denial and identify potential legal avenues for recourse.
• Negotiate with the Insurer: Communicate with the insurance company on your behalf and negotiate for a fair resolution.
• File a Lawsuit: If necessary, file a lawsuit against the insurance company to contest the denial in court.

7. File a Complaint with the Missouri Department of Insurance

If you believe the insurance company acted in bad faith or violated state regulations, you can file a complaint with the Missouri Department of Insurance. The department can:

• Investigate the Claim: Review your complaint and investigate the insurance company’s practices.
• Mediate Disputes: Facilitate mediation between you and the insurance company to resolve the dispute.

READ MORE: How Kansas City Life Insurance Attorneys Can Help You Navigate Claim Disputes

At Saxton Law Firm, our Missouri life insurance claim denial lawyers can help you seek the benefits you are owed. Contact Saxton Law Firm for a FREE case review!

At the Saxton Law Firm, our Missouri small business attorneys are ready to help. You can negotiate from a place of confidence and litigate your rights whenever necessary.

Life Insurance Claim Disputes in Missouri

Life insurance policies are designed to provide financial security to beneficiaries upon the policyholder’s death. However, disputes can arise for various reasons, including:

1. Denied Claims: Insurance companies may deny claims for reasons such as policy lapses, alleged misrepresentations, or exclusions in the policy.
2. Delayed Payments: Beneficiaries may experience significant delays in receiving the benefits due to administrative issues or investigations.
3. Disputed Beneficiary Designations: Conflicts can occur when multiple parties claim to be the rightful beneficiaries.
4. Policy Interpretation: Disagreements over the terms and conditions of the policy can lead to disputes.

Role of Kansas City Life Insurance Attorneys

Kansas City life insurance attorneys play a crucial role in helping clients navigate these disputes. Here are some of the key ways they can assist:

1. Initial Consultation and Case Evaluation

The first step in resolving a life insurance claim dispute is to seek an initial consultation with an experienced attorney. During this meeting, the attorney will:

• Review Your Policy: Examine the terms and conditions of your life insurance policy to understand your coverage and identify any potential issues.
• Assess the Dispute: Evaluate the nature of the dispute, the reasons for the claim denial or delay, and any supporting documentation.
• Provide Legal Advice: Offer guidance on the best course of action, including the potential for litigation or settlement negotiations.

2. Filing and Pursuing a Claim

If your claim has been denied or delayed, a life insurance attorney can help you:

• Prepare and Submit Documentation: Assist in gathering and submitting the necessary documentation to support your claim, ensuring compliance with policy requirements.
• Negotiate with the Insurer: Engage in negotiations with the insurance company to seek a fair resolution, advocating on your behalf.
• Litigate if Necessary: If negotiations fail, the attorney can file a lawsuit and represent you in court, striving to secure the benefits you are entitled to.

3. Handling Beneficiary Disputes

Beneficiary disputes can be particularly challenging, but a skilled attorney can help resolve these conflicts by:

• Investigating Claims: Conducting a thorough investigation to gather evidence supporting your claim as the rightful beneficiary.
• Mediation and Arbitration: Facilitating mediation or arbitration sessions to reach an amicable resolution.
• Court Representation: Representing you in court if a settlement cannot be reached, presenting a compelling case on your behalf.

4. Interpreting Policy Terms

Life insurance policies can be complex and filled with legal jargon. An attorney can:

• Clarify Policy Language: Explain the terms and conditions of your policy in plain language, helping you understand your rights and obligations.
• Resolve Ambiguities: Address any ambiguities or disputes over policy interpretations, working to ensure a fair outcome.

Benefits of Hiring a Kansas City Life Insurance Attorney

Hiring a life insurance attorney in Kansas City offers several benefits:

• Expertise: Attorneys knowledgeable in life insurance claims have in-depth knowledge of insurance laws and regulations, providing valuable insights and strategies.
• Advocacy: They act as strong advocates, fighting for your rights and ensuring you are treated fairly by the insurance company.
• Reduced Stress: By handling the legal complexities, attorneys allow you to focus on your family’s well-being during a difficult time.
• Increased Success Rate: With their experience and resources, attorneys can significantly improve the chances of a successful claim resolution.

READ MORE: What to Do if a Life Insurance Claim is Rejected

At Saxton Law Firm, our Missouri life insurance dispute lawyers stand ready to help you. Contact Saxton Law Firm for a FREE case review!

Receiving a rejection for a life insurance claim can be a disheartening experience, especially during an already difficult time. Understanding the reasons behind the denial and knowing the steps to take can help you navigate this challenging situation and potentially secure the benefits you deserve.

At the Saxton Law Firm, our Missouri life insurance denial attorneys go to bat for you. We know the difficulties you face and how to alleviate these challenges. Our team works hard to get you the compensation you deserve.

Common Reasons for Claim Rejection

Life insurance claims can be denied for several reasons. Some of the most common reasons include:

1. Policy Lapses: If the policyholder failed to pay premiums on time, the policy might have lapsed, leading to a rejection of the claim.
2. Material Misrepresentation: If the policyholder provided false or incomplete information during the application process, the insurer might deny the claim. This could include undisclosed medical conditions, smoking habits, or risky activities.
3. Cause of Death Exclusions: Policies often have specific exclusions, such as death due to suicide within the first two years of the policy or death caused by illegal activities.
4. Contestability Period: If the policyholder dies within the contestability period (typically the first two years of the policy), the insurer may review the application more closely and deny the claim if discrepancies are found.
5. Non-Updated Beneficiary Information: If the beneficiary information is outdated or incorrect, the claim might be delayed or denied.

Steps to Take After a Claim Rejection

If your life insurance claim has been rejected, follow these steps to understand the reasons and potentially reverse the decision:

1. Review the Rejection Letter: Carefully read the rejection letter from the insurance company. It should provide specific reasons for the denial. Understanding these reasons is crucial for addressing the issue.
2. Contact the Insurance Company: Reach out to the insurance company to discuss the rejection. Ask for a detailed explanation and request copies of any documents or records that support their decision. This can help you gather the necessary information to appeal the denial.
3. Verify Policy Details: Review the original life insurance policy and any related documents to verify the terms and conditions. Ensure that the policy was active at the time of the policyholder’s death and check for any exclusions or contestability clauses that might apply.
4. Gather Supporting Documents: Collect all relevant documents that can support your claim. This might include medical records, payment receipts for premiums, and any correspondence with the insurance company.
5. File an Appeal: Most insurance companies have an appeals process for denied claims. Write a formal appeal letter explaining why you believe the claim should be approved.
6. Seek Legal Advice: If the appeal is unsuccessful or you believe the denial is unjust, consult with an attorney who handles life insurance claims. A legal professional can provide valuable guidance, represent your interests, and help you navigate the appeals process or take legal action if necessary.
7. File a Complaint with Regulatory Authorities: If you believe the insurance company is acting in bad faith, you can file a complaint with your state’s insurance regulatory authority. In Missouri, this would be the Missouri Department of Insurance. It can investigate the matter and assist in resolving disputes between policyholders and insurers.
8. Consider Mediation or Arbitration: Some disputes can be resolved through mediation or arbitration, which are alternative dispute resolution methods. These options can be less formal and less expensive than going to court.

READ MORE: How to Sue a Life Insurance Company

At Saxton Law Firm, our Missouri life insurance denial attorneys are ready to help. Contact Saxton Law Firm for a FREE case review!

Life insurance provides a financial safety net for beneficiaries when the policyholder passes away. However, it is important to understand that life insurance claims can sometimes be denied. Knowing the common grounds for denial can help you ensure that your policy remains in good standing and that your beneficiaries will receive the benefits they are entitled to.

At the Saxton Law Firm, our Missouri life insurance denial attorneys are ready to stand with you. Many insurers improperly deny claims, whether due to some confusion or intentionally to avoid paying what they owe.

Common Reasons a Life Insurance Company May Deny Your Claim

There are many common grounds insurance companies use to deny your life insurance claim. Some may be valid but fixable. Others may simply be an attempt to deny your claim to save the insurance company money.

1. Material Misrepresentation

One of the most common reasons for a life insurance claim denial is material misrepresentation. This occurs when the policyholder provides false or misleading information on the application. Insurance companies rely on the accuracy of the information provided to assess risk and determine premiums. Common misrepresentations include:

• Health Conditions: Failing to disclose pre-existing medical conditions or significant health issues.
• Lifestyle Habits: Not revealing habits such as smoking, alcohol use, or risky activities like skydiving.
• Occupation: Misrepresenting the nature of one’s job, especially if it involves hazardous activities.

If the insurer discovers any discrepancies during the contestability period (typically the first two years of the policy), the claim may be denied.

2. Policy Lapses

A life insurance policy must be in force at the time of the policyholder’s death for the claim to be valid. If the policyholder fails to pay premiums on time, the policy can lapse, meaning it is no longer active.

Insurance companies usually provide a grace period for late payments, but if the policy is not reinstated within this period, the coverage terminates.

3. Cause of Death Exclusions

Certain causes of death may be excluded from coverage based on the policy terms. Common exclusions include:

• Suicide: Most policies have a suicide clause, typically within the first two years, which states that if the policyholder dies by suicide, the insurer will not pay the death benefit.
• Illegal Activities: Death resulting from illegal activities or criminal behavior may lead to claim denial.
• High-Risk Activities: Some policies exclude deaths resulting from high-risk activities such as extreme sports unless the policyholder paid an additional premium for coverage.

4. Fraud

Insurance fraud is a serious issue and can result in claim denial. Fraud can take various forms, such as:

• False Claims: Submitting a claim based on false information or staging the policyholder’s death.
• Forgery: Falsifying documents or signatures related to the insurance policy.

Insurers have special investigation units to detect and prevent fraudulent claims, and if fraud is suspected, the claim will be denied and may lead to legal consequences.

5. Failure to Update Beneficiary Information

If the policyholder fails to update beneficiary information, it can lead to complications or denial of the claim. For example, if the named beneficiary predeceased the policyholder and no secondary beneficiary is listed, the insurer may deny the claim or pay it to the policyholder’s estate, which may not align with their intended wishes.

READ MORE: What is the Time Limit to Contest Life Insurance Policies in Missouri?

At Saxton Law Firm, our life insurance know how to help after your claim is denied. We are familiar with their common tactics and how to fight back against them.

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A life insurance company has up to two years to contest a life insurance policy. This gives the provider that time period in which to review the coverage for any lies, misrepresentations, or mistakes made in granting the policy. It provides the insurer an opportunity to protect against fraud and analyze the truth of the insured’s statements about their life or health.

At the Saxton Law Firm, we understand how life insurance companies use the contestability period, and how they often use it incorrectly. Many try to alter the deal after the fact to save money, or deny claims for the same reason. We help sort through this complicated legal area and protect your interests to a life insurance claim.

What is a Contestability Period?

The contestability period is the time in which a life insurance company may review and dispute the accuracy of information provided by the insured in creating the policy. It is time in which the insurer can review your application for potential fraud or misrepresentation. If the insurance company believes it found any lies or mistakes, it has the ability to alter or deny the claim through the appropriate process. This two-year period generally begins once the claim is signed and becomes effective.

Many life insurance companies use this contestability period to look for issues it can use to deny claims. Three situations typically arise after a review of the policy:

• No problems are discovered and the life insurance company does not dispute the claim.
• The insurer discovers information that, if it had known prior to approving the claim, it would have raised the premiums for that claim. In these cases, the insurer typically takes the difference out of the ultimate death benefit.
• The insurer finds information it believes is enough to deny the life insurance claim.

What is the Missouri Contestability Period for Life Insurance Claims?

The life insurance contestability period in Missouri is two years. After that time, it becomes difficult to deny a life insurance claim based on inaccurate information in the initial application. However, it does not stop a life insurance company from attempting to deny a claim on other grounds.

Important things to understand about the contestability period include:

• An insurer is not permitted to deny benefits just because of an error or accidental omission in the application, but it could alter the policy is specific ways.
• A provider may reopen underwriting during the contestability period if it discovers hidden or misrepresented facts.
• Missouri law requires insurers to perform adequate due diligence in order to avoid these problems in the first place.

What Do I Do if the Life Insurance Company Tries to Deny My Claim?

If the life insurance provider attempts to deny your claim, you have several options. First, speak to a skilled Missouri life insurance attorney about your case. They understand the many challenges you face, strategies for success, and how to handle every step of the process.

With your attorney’s assistance, potential solutions include, but are not limited to:

• Investigating the reason for the claim denial and challenging the denial directly
• Negotiating with the insurance company to clear up any misunderstandings
• Mediating the dispute with a neutral third party
• Filing a claim denial appeal through the insurance company’s internal processes
• Filing a life insurance claim denial lawsuit to enforce your rights through litigation

READ MORE: The Importance of Life Insurance: Why Kansas City Families Should Consider It

At Saxton Law Firm, our life insurance denial attorneys know how to help. We help you with the contestability period and any other issues you face. Contact Saxton Law Firm for a FREE case review!

Life insurance protects the family members you leave behind. None of us can control when we die, but you never want to leave your family unprotected. The financial impact of your death could leave your spouse, children, or other loved ones destitute without your financial support. Life insurance helps cover the unexpected and guarantees your family is taken care of.

At the Saxton Law Firm, we help Kansas City families understand the importance of life insurance. Our team also help you protect your rights if an insurer tries to deny your life insurance claim. Speak to us to learn more about how we can help.

What is Life Insurance?

Life insurance is a legal agreement between the insurer and a policyholder. It provides a cash payment to the surviving family members of a person after they die. This monetary payment is called the “death benefit.” It goes to the beneficiary or beneficiaries. These are individuals named in the contract who are to receive the proceeds of the life insurance policy if the covered individual dies.

Life insurance helps to pay for lost income, living expenses, bills, education costs, burial costs, and so much more. It is designed to protect your family financial well-being even if you unexpectedly pass away. Some policies can even provide benefits while you are still alive. Accelerated or cash value benefits may help cover costs during your lifetime.

Types of Life Insurance Policies

There are many types of life insurance policies out there.

• Term Life Insurance: This policy grants a death benefit for a specific period of time. It pays out if you die during that period, but you receive nothing back if you pass away after the term expires.
• Whole Life Insurance: Whole life coverage provides a cash value account because you pay premiums, higher-than-cost payments that grow the value of the policy over time. They also last your entire life and do not expire so long as you pay the premiums.
• Universal Life Insurance: A universal life policy is similar to whole life policies, but offers greater flexibility in premiums.

Why Kansas City Families Should Have Life Insurance

Life insurance policies provide important protections for you and your family, even after your death. Benefits of having a quality life insurance policy include, but are not limited to:

• Debt coverage to help pay outstanding debts like mortgages, student loans, credit cards, and more
• Income replacement to help your family adjust after your death
• Financial protection as a safety net by providing a lump sum death benefit
• Peace of mind for loved ones knowing they can grieve without worrying about finances
• Legacy planning for heirs

Life insurance protects your family, that is the bottom line. There are many things to consider in picking the right policy, but you should greatly consider having a policy.

What If My Life Insurance Claim is Denied?

After losing a loved one, the last thing you want to hear is that the life insurance policy you paid for is denied. A Kansas City life insurance attorney knows how to help.

We can help you file an appeal in the claims process or even file litigation to help secure the funds you are owed.

READ MORE: What Should I Do If My Life Insurance Claim Is Denied?

Every Kansas City family should consider life insurance. It protects your family and your own peace of mind.

At Saxton Law Firm, our Missouri life insurance lawyers can help you make important decisions about life insurance and protect your rights. Contact Saxton Law Firm for a FREE case review!

Life insurance is a critical protection for the loved ones you leave behind. It protects one of your most valuable assets, your future earning capacity. When a family unexpectedly loses a provider, it can leave them in great financial turmoil. A life insurance policy pays upon a person’s death to ensure that surviving family members are supported. With the many options available, you need to know what to look for.

At the Saxton Law Firm, our team helps clients understand what life insurance they need. We also represent family members after a life insurance company denies a claim. Our attorneys are here to help you every step of the way.

Types of Life Insurance in Kansas City

There are many types of life insurance policies. Three of the most popular versions include the following:

Term Life Insurance

Also called “pure” life insurance, a term life policy provides a death benefit for a specific time period. If you pass away during that coverage period, the beneficiaries receive that death benefit. A beneficiary is the person or persons you name to receive the proceeds of your policy when you die.

If you live past the time period, the coverage ends and you do not get any money back. Term insurance is available in many ranges, from one year, thirty years, or even more. You might also be able to renew a term life policy before it expires, but the life insurance company will likely raise your premium.

Whole Life Insurance

Whole life insurance is a permanent life insurance coverage. This permanent insurance covers you the entirety of your life, so long as you make proper and timely payments. Under this coverage, you pay a premium payment that costs more than the insurance coverage and expenses.

The excess payment is credited to a cash value account. This cash value will continue to grow, tax deferred, throughout the entire life of the policy. It can be accessed at nearly any time, whether through a withdrawal or complete surrender of the life insurance policy. This may, however, terminate the death benefit. It is important to understand the full ramifications of any plan you pick before you withdrawal any cash benefit.

Universal Life Insurance

Universal life insurance is also a type of permanent coverage. It provides a death benefit for your entire life, and a cash value account. While similar to whole life coverage, universal life insurance gives you flexibility in making premium payments. It can be adjusted up or down within your policy limits and guidelines. Higher premium payments result in a higher cash value over the life of the policy.

What To Do If a Life Insurance Claim is Denied

If a life insurance company has denied your claim, speak to a qualified Kansas City life insurance attorney right away. We see insurers deny valid claims all too often. They want to save money or look for an excuse not to pay.

We see through these tactics and know how to help. Our lawyers investigate your case to determine how best to help get the coverage you are owed.

READ MORE: Why Are Life Insurance Claims Denied?

You deserve payment from the life insurance company when you need it. Our lawyers provide you critical advice on how to pick the right policy you need and fight for your rights to compensation.

At Saxton Law Firm, our Missouri life insurance lawyers can help with whatever you face. We also help our clients with litigation whenever necessary. Contact Saxton Law Firm for a FREE case review!

Dealing with a life insurance company after the death of a loved one can be a difficult experience. The insurer may attempt to deny the claim for one of several reasons. When this happens, you need an experienced attorney by your side. Your lawyer can assist you throughout the legal process to negotiate a resolution or initiate a lawsuit to enforce your rights.

At the Saxton Law Firm, a life insurance claim denial attorney is ready to help. Our Kansas City attorneys work hard to protect your rights and get you the compensation you deserve under your policy.

Why Was My Life Insurance Claim Denied?

If you are dealing with a claim denial, it may be for one of several common reasons, such as:

• Failure to Disclose Critical Medical Information: Life insurance applications require an in-depth medical exam and history. Failing to disclose information could be the basis for a claim denial.
• Missed Premium Payments: Missed payments often provide an excuse not to pay a life insurance claim. However, fixing these missed payments may solve the problem and result in payment of the claim.
• Term Life Insurance Policies: Term life insurance policies are limited and end on a certain date. If the insured dies after that date and never renewed the policy, the insurance company may deny coverage.
• Suicide or Homicide: If a person dies by suicide within a two-year window of getting the policy, the insurance company will likely deny coverage. The same is true if a beneficiary is responsible for the insured’s death. However, in these cases, an alternative beneficiary is usually entitled to the funds.

How a Kansas City Life Insurance Claim Denial Attorney Can Help

Dealing with a claim denial is frustrating and difficult. However, you do not have to do it alone. An experienced Kansas City life insurance claim denial attorney can help you by:

• Investigating the Claim Denial: Your attorney can determine why the insurance company denied the claim and investigate the facts behind it. An investigation often finds information helpful to rectifying the problem and getting you the compensation you deserve.
• Fixing the Problem: An insurance denial attorney knows several strategies to fix the issues raised by the insurance company. They understand how to review the life insurance policy and navigate the complicated process to fix the problem.
• File a Claim Denial Appeal: Many insurance companies have internal appeal processes to deal with claim denials. These are typically complicated legal processes that require careful consideration of all of the rules. A successful appeal may result in the full payment of the life insurance policy.
• Negotiation With the Life Insurance Company: A skilled attorney has years of negotiating experience under their belt. The right negotiator knows how to identify problems and synthesize solutions to them. Insurance companies are often more likely to negotiate with an attorney than a claimant to avoid potential litigation.
• Filing a Life Insurance Claim Denial Lawsuit: When necessary, an attorney can file appropriate litigation to enforce your rights under the life insurance contract. Litigation shows the company you are serious and may force the insurance company to pay the claim.

READ MORE: What Is the First Step of a Business Lawsuit?

After a loved one’s death, you are already dealing with so much. A claim denial on top of everything else can feel overwhelming. Our Kansas City life insurance claim denial attorneys are ready to help you get the justice you deserve.

At Saxton Law Firm, our Missouri insurance litigation lawyers are ready to help you with any life insurance issue. Contact Saxton Law Firm for a FREE case review!

Insurance is intended to provide protection for you, your family, your home or your business – but there are times when insurance companies can be the villain in the story. Insurance claims get denied for a variety of reasons and insurance companies can act in bad faith – which may require legal action. When that happens, a licensed attorney, like Saxton Law Firm in Kansas City, MO, can help. If you have asked – can you file a lawsuit against an insurance company – Saxton Law Firm is here to help.

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Can You Sue an Insurance Company for Negligence?

The letter of the law allows you to file a lawsuit against an insurance company when they violate or fail to meet the terms of your policy – but keep in mind a denied insurance claim does not always mean they violated your policy terms. There are many legal reasons why your insurance claim can be denied by your provider. Insurance company negligence is an additional element that gives you the option to sue your insurance company and Saxton Law Firm can help. You may also be able to sue your insurance provider for acting in bad faith – delaying payments, failing to respond, providing an inadequate investigation and more.

When you feel that your insurance company has acted in bad faith or not upheld their obligations – you may want to seek legal help. Saxton Law Firm has experience with life insurance claims, homeowners insurance claims and business loss insurance claims – and our legal team can help you determine if your insurance provider has violated the terms of your policy or acted negligently in your case. We can help you determine if a lawsuit against your insurance provider is the right direction to go.

What Is Insurance Negligence?

Insurance negligence is defined as – a failure to take reasonable action to prevent damage or harm to a person or property – and can be applied to many types of insurance. Gross negligence indicates a more serious form of negligence on the part of your insurance company. Negligence on the part of your insurance provider can take many forms and may include any of the examples listed below.

• The failure to provide the coverage outlined in your insurance policy or to inform you of additional policy options.
• The failure of your provider to explain your insurance coverage in detail or the provider lied about your insurance policy and coverage.
• The failure of your provider to uphold their policy obligations – communicating with you about your policy or not doing a proper investigation of the claim.
• The failure of your provider to notify you that they have become insolvent and cannot pay claims.
• The failure of your provider to alert you that your policy is about to expire.

Another example of insurance negligence may be an insurance provider that approves repairs in the event of a claim and the repairs prove to be substandard. A recent lawsuit in St. Louis pitted the owner of Italian Restaurant Charlie Gitto’s against Secura Insurance, where it was alleged that the provider approved repairs that were faulty and led to the collapse of the roof under heavy rainfall. Restaurant owner Charlie Gitto Jr. was awarded $8.3 million in the lawsuit.

READ MORE: What Insurance Do I Need for My Small Business?

Do you have questions about your insurance and your legal options? Saxton Law Firm may be able to help answer questions like – can you file a lawsuit against your insurance company? We can help answer your questions and provide legal advice and consultation along the way. Contact Saxton Law Firm today for more information!

Life insurance provides families with financial support when a loved one passes away – but you may have your life insurance claim denied. A qualified life insurance attorney, like Saxton Law Firm in Kansas City, MO, may be able to help answer your questions. We can help answer questions like – why do life insurance claims get denied? We can help you determine how much life insurance coverage you need and much more.

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When Does a Life Insurance Claim Not Pay Out?

Did you know that life insurance companies paid out $790.8 billion in claims in 2021? That is an incredible amount of money and when you have suffered a death in the family and have a life insurance claim denied, we know that you want to know why that life insurance claim may not be paid out. We may be able to help answer that question here at Saxton Law Firm.

There are six key reasons why a life insurance claim will not be paid that we will cover here:

• Life insurance premiums have not been paid in full and the policy has lapsed.
• The policyholder withheld information or did not provide the truth on their life insurance application.
• The policyholder’s death was the result of suicide – if the policy has specific language and a suicide clause.
• The policyholder’s death was the result of criminal or illegal activity.
• The term life insurance policy expired and the policyholder outlived the policy.
• The policyholder passed away during the waiting period – the period between the purchase of the policy and when it takes effect.

How Long Does it Take for a Life Insurance Claim to Be Paid?

Have the premiums been paid on the life insurance policy you plan to claim? Was the death due to natural causes? In most cases – when life insurance policy premiums are paid – the insurance provider will pay the beneficiary named in the policy. The timeframe for a beneficiary to receive a life insurance payout ranges from 14 days to 60 days – based on the value of the policy, claim procedures, the policy details and local laws.

How Do Life Insurance Payouts Work?

Are you the beneficiary on a life insurance policy? Has the policyholder passed away? When the insurance carrier receives the death certificate and claim forms – barring any setbacks or delays – you will be able to receive your insurance payout. Insurance beneficiaries are paid via three standard methods – a lump-sum payout, a retained asset account or a specific income payout.

READ MORE: How Can an Attorney Help with a Life Insurance Case?

Do you have questions about your life insurance policy? Do you want to know – why do life insurance claims get denied? We can help answer your life insurance questions at Saxton Law Firm in Kansas City. Contact our legal team today for more help with your life insurance claim!

Do you live in the Kansas City area? Are you looking for the help of an attorney? Saxton Law Firm is here to help – and we know you have options when it comes to attorneys in Kansas City, MO. We know that it is not always easy to decide who is the best fit for you and your case and we know that large law firms tend to garner the majority of the headlines in the legal world, but a smaller law firm may be the best choice for you and you may want to know – what are the benefits of a small law firm? Find out when you choose Saxton Law Firm!

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Why Choose a Small Law Firm?

Saxton Law Firm is a small law firm in Kansas City, MO that specializes in small business litigation and insurance claims. Many individuals who need an attorney may believe that bigger is better – but that is not always the case. While larger law firms may have more resources, a smaller law firm like Saxton Law Firm, can provide one-on-one attention, a more personalized legal approach, easier communications, specialized service, lower costs and a more flexible schedule.

Here is a better look at why choosing a small law firm may be the right choice for you and your legal case.

1. Personalized Attention

When you choose a small law firm, you will receive more personalized, one-on-one attention from your attorney and their legal team. With fewer clients and cases than a larger firm, a small firm can put more time and focus into your case – which may lead to a more satisfying outcome for you in your case. Attorneys at smaller law firms typically use a more collaborative approach than larger law firms that can lead to increased client satisfaction and better results.

2. More Cost-Effective

Hiring an attorney can feel like a financial burden for many – but a smaller law firm with lower overhead and employment costs may be able to provide you with more cost-effective service than a larger law firm. A smaller law firm may also have a smaller case load than a large law firm, which may mean that your case is resolved faster – which will save you time and money.

3. Flexibility and Availability

When you choose a small law firm, you and your case are the primary focus and with a smaller case load, attorneys at a smaller law firm are more likely to be more flexible and go the extra mile for you. Potential clients with families may not be able to find time to meet with their attorney during regular business hours – but it is more likely that an attorney at a small law firm will be willing to meet with you after hours to answer your legal questions.

4. Better Communication

When you opt for a large law firm, you may have a team of lawyers, interns and paralegals working on your case, which can be an advantage – but it also means that there is a greater chance that there is a breakdown in communication. With a small law firm, like Saxton Law Firm, you will have fewer people to communicate with and will have more one-on-one communications that can make the experience more stress free. No more walking into the office and not knowing the person working on your case.

5. Specialized Service

Large law firms may handle a wide range of cases, which can be a benefit to some clients, but when you need specific, specialized service for your case, a small law firm may prove to be a better option. Attorneys at small law firms, likely handle the same types of cases all the time and will have more experience in those practice areas. This means that you will receive specialized service in your case and may benefit from their experience.

READ MORE: How Do I File a Lawsuit for My Small Business in Kansas City MO?

Do you need legal help in the Kansas City area? Are you considering the large law firm with ads on TV? You may want to reconsider and choose a small law firm instead. A small law firm provides an impressive list of advantages to its clients when compared to large firms. You may be asking – what are the benefits of a small law firm in Kansas City, MO – and Saxton Law Firm may be able to help. Contact Saxton Law Firm today for a FREE case review!

Has your life insurance claim been denied? Are you unsure of the next steps? Saxton Law Firm in Kansas City, MO is an experienced life insurance attorney that may be able to help and you may be wondering – how can an attorney help with a life insurance case? We may be able to help answer your questions at Saxton Law Firm.

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Why Do You Need a Life Insurance Attorney?

In most cases – a life insurance company will pay a life insurance claim with minimal delay if the policy premiums have been paid, the life insurance is for an average amount, the cause of death was natural or the insurance provider is a well-established company. That may not always be the case and your life insurance claim may be denied. You may not know what to do next and Saxton Law Firm can help.

Many policyholders do not realize how much a life insurance attorney can help when a claim is denied and we may be able to help answer your questions. You may ask – why do I need a life insurance attorney for my claim? Here is a quick look at how a life insurance attorney can help with your case.

Attorneys Understand Your Life Insurance Policy

When you purchase a life insurance policy, there can be a lot of legal terms and conditions written into the policy that you may not understand and can result in your claim being denied. An experienced life insurance attorney understands the ins and outs of your life insurance policy and can ensure that your claim results in you getting the benefits you deserve and will help you understand your policy.

Attorneys Can Fight a Denied Claim

Life insurance claims can be denied for a variety of reasons – missed premium payments, the cause of death was not clear or your policy is with a less-reputable insurance company. If and when your claim is denied, an attorney can be the go-between for you and the insurance company and will work with the insurance company to get your claim approved and your benefits paid.

Attorneys Can Help with a Claims Settlement

Do you have a life insurance policy you no longer need or can afford? You may consider a life insurance settlement – where you sell your policy and the benefits to a third party. A qualified life insurance attorney can help you negotiate a settlement. A life insurance attorney can also help you negotiate a settlement with the insurance provider when the amount of the payout is disputed.

Attorneys Can File a Lawsuit

Has your life insurance policy been denied by the provider? Has your appeal been denied? A licensed life insurance attorney can help you file a lawsuit against the provider and can represent you in court to help you fight for your life insurance benefits. An attorney will understand the ins and outs of the legal process and will help you receive your benefits.

READ MORE: What Are the Different Types of Life Insurance Policies?

Do you have a life insurance claim that has been denied? Do you need help with a life insurance case? A life insurance attorney – like Saxton Law Firm – may be able to help answer your questions. You may want to know how an attorney can help with a life insurance case and we have the answers right here. Contact Saxton Law Firm today for a case review!

Are you looking for a brand-new insurance policy? Are you unsure of which insurance company you should work with? Saxton Law Firm in Kansas City, MO provides legal support for many policyholders who are faced with denied claims. We have covered the insurance companies that deny the most claims, but we know many of you want to know – which insurance companies pay the most claims? Here is what we have found!

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Best Insurance Companies for Paying Claims

It is important to have high-quality insurance – whether that be life insurance or homeowners insurance – and what makes an insurance carrier the best will vary based on your own experiences. Affordable prices, the type of insurance policy, customer feedback, the amount of claims paid and more are all factors that you want to consider when you choose your insurance carrier.

Top 6 Homeowners Insurance Companies

Homeowners insurance can vary based on where you live and who your provider is. When it comes to homeowners insurance carriers that pay the most claims, financial stability is an important factor to consider and the data points to a few favorites. J.D. Power provides policyholders with ratings based on the finances that when paired with customer satisfaction metrics give potential buyers an inside look at potential providers.

• American Family Insurance
• Amica
• The Hartford
• Farmers Insurance
• Erie Insurance
• Nationwide Insurance

Top 6 Life Insurance Companies

The market for life insurance is competitive and finding the right fit for you can be an adventure. When you decide on a life insurance policy, it is important to look at price, policy options, riders and the application process (whether you need a medical exam or not). The list of factors that contribute to the best life insurance companies may be a bit different and include financial strength, customer satisfaction and the percentage of claims that are paid.

• Bestow
• Mass Mutual
• Haven Life
• Guardian Life
• Northwestern Mutual
• State Farm

READ MORE: What Are the Different Types of Life Insurance Policies?

Are you looking for high-quality insurance that will pay your claim when you need it? You may be asking – which insurance companies pay the most claims? We have created a guide to the best homeowners and life insurance companies to help you find the right fit for you and your family. Contact Saxton Law Firm for a FREE case review!

Is it time for you to get life insurance? Life insurance is a great way to provide for your family – even after you have passed away – and can protect your family from financial hardship. We know that the topic of life insurance can be uncomfortable, but we know that you have questions you want answered. Questions like – how much life insurance coverage do I need? Saxton Law Firm in Kansas City, MO can help answer your questions.

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How To Calculate How Much Life Insurance Coverage You Need

Have you determined the type of life insurance that you and your family need? Term Life Insurance vs Whole Life Insurance is an important debate when you decide to purchase a life insurance policy – and it is just one factor to consider when you decide on your life insurance policy. Individuals who have questions about how much life insurance coverage they need can create a quick estimate with this basic step-by-step formula.

• Calculate Your Financial Liability – When you decide to purchase a life insurance policy, the amount of coverage you need should be enough to cover the sum of your financial obligations. Add up your – mortgage balance, your debt, potential college tuition, expected funeral costs, potential child care costs and your annual salary (multiplied by the number of years you need to cover) – to determine how much your insurance policy might need to be.
• Calculate and Remove Financial Assets – Do you have a stock portfolio, a college fund, a savings account or a current life insurance policy? Calculate the total of your financial assets and subtract it from the total of your financial liabilities – the remainder is an estimated amount for your life insurance policy.

Tips to Estimate Your Life Insurance Coverage

A little simple math can help you estimate how much life insurance coverage you need with your policy – but finances are not the only thing you need to consider when you purchase a policy. Here are a few tips that can help you estimate how much life insurance coverage you may need for your family.

• Tip #1 – When you create a financial plan, make your life insurance part of the plan and include college tuition expenses for your children, expected raises at work, expected increases in any financial assets and any expected future expenses like a new car or home.
• Tip #2 – Do not be cheap with your policy. Do you expect to get annual raises each year? A rise in income can lead to an increase in expenses and a more lavish lifestyle for your family. Make sure that your policy accounts for potential increases in your family’s expenses.
• Tip #3 – Communicate with your family. When you decide to purchase a life insurance policy, it is important to communicate with your family and ask questions. How much does your family believe they will need to cover expenses? Does your estimate make financial sense? Did you forget about any financial assets? Does your family need to replace your full income or just part?
• Tip #4 – You may want to consider multiple smaller life insurance policies. Did you know you can buy more than one life insurance policy? Multiple policies can provide the same level of financial support and can account for any updates and changes to your financial situation. Look closer at life insurance quotes to find the right fit for your budget and you may want to consider a longer term life insurance policy for your spouse and a shorter term life insurance policy for your children.

READ MORE: Can My Life Insurance Policy Have Multiple Beneficiaries?

Do you have questions about life insurance? You may be asking – how much life insurance coverage do I need? We hope that this quick guide created by Broadway by Bergstrom Automotive can help you estimate how much life insurance coverage you need. Contact Saxton Law Firm today to learn more about how to appeal a denied life insurance claim!

Life insurance is important to have and can do a lot to protect your family from financial harm in the event of your death – but we know that you may have a lot of questions. Saxton Law Firm in Kansas City, MO can help. Questions about insurance premiums are common and many policyholders want to know – what determines the cost of your life insurance premiums? Here is a quick overview of the factors that determine the cost of your life insurance created by Saxton Law Firm.

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How Are Life Insurance Premiums Calculated?

Your life insurance premium is the money you pay toward your policy in exchange for life insurance coverage and financial protection. While your insurance premiums are paid on time and in full, your insurance coverage will remain intact. When it comes to life insurance, the bottom line is – insurance providers do not want to pay insurance claims – and the higher the health risk, the higher the premium will be to protect the insurance provider.

Top 10 Factors That Affect the Cost of Life Insurance

The cost of your insurance premium will be determined by a wide range of factors that include your health, lifestyle and your policy itself. Here is a better look at factors that will impact and affect the cost of your life insurance policy.

• Age – Your age has a significant impact on the cost of your life insurance premiums. The older you are, the higher the risk of severe health issues and the higher the cost of premiums will be.
• Health History – Your health history may have the single largest impact on the cost of your insurance premium. When you apply for life insurance, you will need to have a health assessment and the more health issues that you have, the higher the insurance premiums will be.
• Family Health History – Do you have a history of cancer, dementia, heart disease or diabetes in your family? This history indicates that you may be at higher risk of those medical conditions and results in a higher insurance premium.
• Weight – Your weight and body mass index (BMI) can have a huge impact on your overall health and can lead to high blood pressure, diabetes, heart disease and other health conditions that translate to higher life insurance premiums.
• Smoking – Health statistics point to smokers being at higher risk of stroke, cancer and heart disease and while smoking will not prevent you from getting insurance, it will mean you pay higher premiums. Vaping is considered the same by insurance providers.
• Alcohol – Excessive alcohol consumption can lead to cancer and liver disease and puts the user at greater risk of accidents, injuries and more. These risks will make your life insurance policy costs higher.
• Job Status – Do you have a high-risk career? Many careers carry inherent risk that can impact your insurance premium. Occupations that carry more risk and translate to higher insurance costs include roofers, pilots, firefighters, truck drivers, police officers, fishermen and construction workers.
• Hobbies and Lifestyle – If you live an active lifestyle with high-risk hobbies, it can affect the cost of your insurance. Activities that may be considered high risk by your insurance provider include climbing, auto racing, flying, skydiving, paragliding and more.
• Mental Health – Have you struggled with mental health in the past? Do you deal with anxiety or depression? Those factors may have an effect on how much you pay for your life insurance.
• Policy Conditions – The price of your life insurance premium is impacted by more than just personal health. Elements of your life insurance policy like – length of coverage, type of insurance policy, the type of insurance premiums, your insurance provider and potential life insurance payout – will dictate the cost of your premiums.

READ MORE: Which Insurance Companies Deny the Most Claims?

Do you have questions about your life insurance policy? Do you need help with a denied life insurance claim? Do you want to know what determines the cost of your life insurance premiums? We may be able to help here at Saxton Law Firm. Contact our firm for a FREE case review today!

Are you in the process of purchasing a life insurance policy? We know you might have legal questions about how the life insurance process works and we can help at Saxton Law Firm in Kansas City, MO. A common question that we hear at Saxton Law Firm is – what is the contestability period for a life insurance policy? We can help answer your legal questions and provide you with the information that you need.

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How Long Is the Life Insurance Contestability Period?

The contestability period on the life insurance is in place to protect the provider and gives the insurer 2 years to review the coverage and the policy for any misrepresentations that were intentionally included in the policy during the application process. This period protects the insurer from fraud and gives the provider the chance to discover any overt lies about individual health or lifestyle. The contestability period will restart if your policy lapses or you get a brand-new policy.

Misrepresentations found during the contestability period do not have to be related to the cause of death – but may uncover a history of drug or alcohol abuse that was not disclosed – which can result in a denied life insurance claim. Lies and misrepresentations discovered in this period can result in denied claims, policy cancellations or reduced benefits. If the policy holder passes away during this period, the beneficiary can still file a claim and receive a payout, but the provider can still review the policy for misrepresentations.

READ MORE: Do I Need a Life Insurance Attorney for a Denied Claim?

What Happens If You Lie on a Life Insurance Application?

When it comes to providing financial protection for your family after you are gone, life insurance is an important step to take and a few applicants can be tempted to lie on the life insurance application to get better premiums. With that said, many individuals want to know what happens if you lie on an insurance application. The contestability period is used by insurance providers to determine if any of the information on an application is misrepresented and many insurance policies require blood and urine testing during the process – which is compared to a report provided by the Medical Information Bureau that includes past surgical and medical history.

If the insurance provider discovers that information was misrepresented or lied about on the insurance application, you can be subject to a canceled policy even after the contestability period and it will be noted on your Medical Information Bureau report, which can prevent you from getting future policies. Keep in mind – the contestability period is in place to prevent insurance applicants from lying on an application and if you forget any details or information, it can be corrected to prevent any issues.

READ MORE: What Are the Different Types of Life Insurance Policies?

If you have questions about your insurance policy like – what is the contestability period on your life insurance policy? We can help answer your questions at Saxton Law Firm and if you have had an insurance claim denied, we are ready to help you get the insurance payout you deserve. Contact Saxton Law Firm for more information and a FREE case review!

Here at Saxton Law Firm, we deal with a lot of life insurance policies. We help clients establish life insurance policies. We help clients file life insurance claims. We help clients appeal denied life insurance claims. We want to help our clients every step of the way – from A to Z – and we want to help you. Many families want to know – what are the different types of life insurance policies? We can help answer your life insurance questions here at Saxton Law Firm in Kansas City, MO.

What Life Insurance Policy is the Right Choice for You in Kansas City?

When you decide to purchase a life insurance policy, it is important to know where to start and there are two basic types of life insurance policies – Term Life Insurance and Permanent Life Insurance. Your life insurance policy can be tailored to fit your needs and each type of policy has its own set of benefits.

Here is a quick look at the basics of term and permanent life insurance policies.

What Is Term Life Insurance?

Term life insurance provides coverage for a set number of years and will pay out a death benefit as long as the policy is current and premiums have been paid. A benefit of term life insurance policies include more affordable premiums and a rate that remains the same for the entire term of the policy. When the term expires, you may have the option to renew your policy at an updated rate – but term life insurance policies can usually only be renewed year-to-year. Your term life insurance policy may also give you the option to convert to whole life insurance at the end of the term.

What Is Permanent Life Insurance?

A permanent life insurance policy is for the remainder of your lifetime and there are four basic types of permanent life insurance – whole life insurance, universal life insurance, variable life insurance and final expense life insurance. A whole life insurance policy provides coverage for your lifetime and will pay a death benefit no matter when you pass away – as long as premiums are paid. Whole life insurance adds a savings aspect, where a part of your premium is paid into a savings account.

Universal life insurance provides lifetime coverage with paid premiums and allows you to adjust the death benefit for the life of the policy. Interest rates for universal life insurance policies are not fixed. Variable life insurance is a different option that has two aspects – a face value death benefit and a variable cash value that will move up and down based on your premium payments and select investments. This type of policy can provide a greater benefit over time, but comes with more risk, higher fees and higher costs. Final expense life insurance is a policy that is created for a specific reason – to pay for funeral and burial costs.

Comparison Table of Different Types of Life Insurance Policies

READ MORE: Which Insurance Companies Deny the Most Claims?

Do you have questions about your current life insurance policy? Are you faced with a denied life insurance claim? No matter what step you are at in the life insurance policy process, Saxton Law Firm is here to help. We are here to help answer questions like – what are the different types of life insurance policies – and many more. Contact Saxton Law Firm today for a FREE case review!

Families who have lost a loved one with a life insurance policy often ask – can a life insurance policy have multiple beneficiaries? It is not uncommon for a life insurance policy to have multiple beneficiaries when family is involved and many clients who visit Saxton Law Firm have legal questions about the policy and the claims process with multiple beneficiaries. We are here to help answer all of your questions!

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What Happens If Your Life Insurance Policy Has Multiple Beneficiaries?

You may not know it – but a life insurance policy can be written with multiple beneficiaries. The policy holder can name multiple beneficiaries on their policy and designate a percentage of the compensation for each individual named. For example – a father with three children can name each child in the policy and allocate a third of the total sum for each beneficiary. The total number of beneficiaries may be limited by the policy.

A second scenario that is not uncommon with life insurance policies is a named contingent beneficiary. In the event that the primary beneficiary for an insurance policy cannot be found or has died prior to the policy holder, the insurance payout would go to the named contingent beneficiary. For example – a spouse or partner may be named as the primary beneficiary to receive the total payout with your child or children as contingent beneficiary.

READ MORE: What Should I Do If My Life Insurance Claim is Denied?

How Do Multiple Beneficiaries File a Claim?

When a life insurance policy names multiple beneficiaries, it is the responsibility of each individual to file a separate claim with the insurance provider. The claims can be submitted individually or together to avoid any complications. In most cases – only one death certificate will be needed by the insurance provider.

How Do Multiple Beneficiaries Get Paid?

Life insurance beneficiaries who submit a claim need to understand how the death benefit will be paid out. When there are multiple beneficiaries named on a policy, each beneficiary will most likely be paid individually as the claim is submitted. In most cases – the insurance provider should not require that all beneficiaries submit claims prior to making payments.

READ MORE: Do I Need a Life Insurance Attorney for a Denied Claim?

Are you a beneficiary named in a life insurance policy? Do you have legal questions about the policy? You may ask – can a life insurance policy have multiple beneficiaries? We can help answer your questions at Saxton Law Firm and can help you avoid any legal obstacles with your claim. Contact Saxton Law Firm today for a FREE case review!