Sentences with phrase «during the contestability period»

In these types of situations where a person dies during the contestability period, the payout to beneficiaries may be slower as the insurance company does its due diligence to ensure the information on the application was correct.

The incontestability clause is broader and deals with the insurers ability to contest or deny a life insurance claim during the contestability period.

Again, your beneficiaries will still receive the death benefits of your policy during the contestability period.

If the insurer approves your application but then finds out about the misrepresentation during the contestability period — usually the first 2 years of the policy — it can cancel the policy and return the premiums you've paid (minus any fees).

If you're still alive during the contestability period and the insurer finds out about the misrepresentation, it could mean adjusted premiums (so you'll be paying what you should) or, in the worst case, a cancelled policy.

But you should always disclose your mental health history, or else the death benefit can be denied during the contestability period.

In almost all cases, other than suicide or deaths occurring during the contestability period, this would be enough.

But if the life insurance company detects a misrepresentation in your application during the contestability period while you're still alive, it may still cancel the policy and return any premiums you've paid (minus any fees) or ask you to pay higher premiums.

If the life insurance company detects fraud during the contestability period, your beneficiaries run the risk of not getting paid.

In addition, when one of our clients passes away during the contestability period, we also call to apply pressure on the doctor's office.

To finish, we just want to take you through some of the key bits of information you should know during the contestability period.

I've had a number of clients die during the contestability period and all of the policies were paid in full with interest.

The incontestable clause allows the life insurance company to deny a claim during the contestability period.

Again, your beneficiaries will still receive the death benefits of your policy during the contestability period.

If the insurer approves your application but then finds out about the misrepresentation during the contestability period — usually the first 2 years of the policy — it can cancel the policy and return the premiums you've paid (minus any fees).

If you're still alive during the contestability period and the insurer finds out about the misrepresentation, it could mean adjusted premiums (so you'll be paying what you should) or, in the worst case, a cancelled policy.

Choosing a renewable or convertible life insurance policy may also protect you from the contestable period in life insurance, which allows payment of the death benefit to potentially be investigated and denied during the contestability period.

The contestability provision entitles the insurance company to investigate any death claim that occurs during the contestability period.

Since he died during the contestability period, there were at least three ways they could have gotten off the hook from paying this claim, so they had about 10 million reasons to do their investigation.

The contestability period resets, and if you die within the two years after your reinstatement application is in force, the beneficiaries could lose out on the death benefit just as they would during the contestability period the first time around.

First, a company can't choose to simply not pay out during the contestability period; they must have cause and evidence of fraud.

If you die during the contestability period and your misrepresentations come to light, then the life insurance company may cancel the policy, refuse to pay the death benefit, or subtract money from the death benefit based on the amount of premiums you should have paid.

Besides in cases of suicide, life insurance companies may not pay out during the contestability period.

If you die during the contestability period, the insurance company will review your application to make sure there weren't any «misrepresentations» (meaning lies or withheld information).

Life insurance companies can investigate the claim during the contestability period to make sure the underwriting decision was based on accurate information.

Life insurance companies don't investigate every claim during the contestability period, Rothschild says.

This rarely happens, and as long as you didn't lie on your application you're probably in the clear, but just know that during the contestability period, some things aren't a clean cut, «I died and now they'll pay.»

He died during the contestability period and she had no legal standing, even as beneficiary, to sign an authorization to release medical records.