New Orleans Life Insurance Attorney
Life insurance payment delays, underpayments, or outright denial of rightful benefits can have devastating effects on families. Insurance companies tend to work for their own best interests and not yours, and in some cases may use unscrupulous or manipulative tactics. Life insurance can be an important financial tool to protect your family and dependents. A life insurance payout can cover a mortgage, car payments, and any other personal debts or expenses. Life insurance can also replace your income, therefore providing security to your family if you pass away. If you have experienced any kind of challenges receiving the insurance benefits you deserve, consider consulting with an experienced Louisiana life insurance attorney today. We pride ourselves in providing our clients with personal attention and help clients fight for their rights and benefits. Call New Orleans Legal, LLC now for a free consultation at (504) 897-5580.
Life Insurance in New Orleans
According to the Louisiana Department of Insurance (LDI), life insurance is a contract between the policy owner and an insurance company with the policy owner paying a premium while they are alive. Upon their death, the insurance company agrees to pay a sum to the beneficiaries named in the policy. While this sounds straightforward, in practice receiving your benefits can be anything but easy once your loved one has passed away.
The state of Louisiana has enacted some protections for those who have life insurance, such as the Louisiana Life and Health Insurance Guaranty Association (LLHIGA). If an insurance company becomes insolvent, for example, the LLHIGA will provide coverage. However, there can be exclusions and limits, and coverage generally depends on residence in Louisiana.
Life insurance laws and regulations can be complicated and challenging to understand. Having an experienced New Orleans life insurance attorney answer your questions can provide you with peace of mind, knowing that your legal and financial rights remain protected.
How Do I Apply for Life Insurance?
The steps to apply for life insurance coverage in the state of Louisiana can include:
- Getting quotes from different life insurance companies
- Speaking with insurance agents regarding rates and policy coverages
- Completing an application form with a specific insurance company
- Taking a medical exam
Once you have gone through these stages, the insurance company will begin reviewing your details and begin the process called “underwriting” your policy. This process involves the insurance company evaluating and analyzing the risks involved in insuring people and assets. This can take up to a few weeks, depending on your circumstances.
How Can I Ensure My Beneficiaries Receive Compensation After My Death?
Louisiana offers protection from unreasonable denials from insurance companies under Louisiana Revised Statute § 22: 1973. Insurance companies unfairly denying a claim may risk severe penalties. However, this rarely stops them from attempting to negate your policy. If you make any mistakes when applying for life insurance in Louisiana, your beneficiaries may struggle to get their benefit after your death. Some common pitfalls to avoid when applying for life insurance can include:
- Choosing the wrong type of policy for your circumstances
- Buying too little coverage
- Naming a minor as a beneficiary
- Keeping your policy a secret from your family
How Do I File a Life Insurance Claim?
When someone you love dies, you may feel overwhelmed and have many questions. You may not know whether they actually even had a life policy issued in the state of Louisiana. However, if you suspect that your loved one did have an insurance policy in the state of Louisiana, you can request information directly from the LDI by submitting an online (or paper) request.
Once you know the details of your relative’s policy and the name of the insurance company, you may start the process of filing for a life insurance claim. First of all, you may wish to contact the company or agent responsible for the life policy in order to receive assistance and guidance. This life insurance agent should tell you which documents and forms are needed to begin the process of your claim. Although requirements might vary, beneficiaries typically need to supply the following documents when filing a life insurance claim in Louisiana:
- An original copy of the life insurance policy
- Claimants’ statements
- A certified copy of the policy holder’s death certificate
- Completed claim forms
Once you have completed the application, you will have to wait for the claim to be processed.
What Happens After the Initial Paperwork Is Filed with The Insurance Company?
In the best-case scenario, your claim will be approved. You may then be given a choice of how to receive your settlement, which can include:
- A lump-sum settlement
- Life income over your lifetime
- Interest income
In a lump-sum settlement, you would receive the entire amount of the claim in one settlement. With a life income option, you could potentially receive a predetermined monthly sum for the rest of your life. Interest income options give beneficiaries an income from the interest, while the principal stays intact and can be passed on to a secondary beneficiary upon your death.
Challenges Regarding Life Insurance Claims
However, life insurance claims are rarely straightforward and there can be a number of potential legal issues regarding claims in Louisiana. It is important to understand that a life insurance company will often look for reasons to deny your benefits, which can include:
- The insured concealed relevant health information
- The insured took their own life
- The insured died in an accident due to a dangerous activity
You have to be prepared for the insurance company to use manipulative or unscrupulous tactics in an attempt to deny your claim. However, even if the insurance company finds a “reason” to deny your claim, you could still receive the compensation you are owed under the policy if you fight their denial. If you received a denial notice, do not give up. Consider contacting an experienced attorney and seeking legal representation as soon as possible. An insurance denial attorney like Peter Diiorio at New Orleans Legal, LLC can thoroughly research your claim and help you recover the benefits you deserve under the law.
How New Orleans Legal Can Help Your Family
A denial from an insurance company regarding payment on a life insurance claim may just be a fruitless attempt from the insurance company to get out of paying your claim. Therefore, beneficiaries of life insurance policies should never be intimidated by an insurance company’s denial. Instead, contact an experienced attorney to help them receive the life insurance settlement they are owed under the law.
Louisiana law can serve to protect consumers from life insurance companies’ unfair practices. If you can prove that an insurance company failed to treat you fairly and issue you with the settlement you deserve, you could receive the damages you were owed in the claim and potentially more.
New Orleans Legal, LLC can help you get what you deserve under the law. We understand this is a difficult time for you, and that you may feel overwhelmed. However, if your loved one intended you to be financially protected, we will help honor that wish and can fight for your rights aggressively, aiming for the maximum amount recoverable. Contact an experienced New Orleans life insurance attorney at New Orleans Legal, LLC today for a free consultation at (504) 897-5580.