Understanding Life Insurance Denials in Oklahoma
Life insurance is vital in protecting your family’s financial security after you pass away. Funeral costs, burial expenses, looming mortgage payments, and medical bills are only some of the financial burdens that may be left behind following you or a loved one’s loss. For that reason, many Oklahomans have life insurance policies, either personal or through an employer, to help take care of this financial turmoil.
Unfortunately, life insurance claims can be denied. Insurance companies may find reason to deny coverage, whether through legitimate reasons or wrongful claim denials. If your life insurance claim is denied, it can be overwhelming and financially devastating. The talented life insurance claim attorneys at Aizenman Law Group are available to help you combat wrongful claim denials and secure your family their rightful compensation.
How Life Insurance Works in Oklahoma
Life insurance policies provide a payout to beneficiaries upon the policyholder’s passing. When someone purchases a policy, they typically go through an underwriting process where insurers assess health risks and other factors before determining eligibility and premium rates.
The underwriting process can include answering health-related questions and undergoing a medical exam. Once approved, coverage will begin on the date specified by the policy. Alternatively, employer-sponsored plans usually take effect upon hire or after a brief waiting period.
In Oklahoma, insureds must pay premiums to maintain life insurance coverage. A premium is a regular payment to an insurance company to keep an insurance policy active. Depending on policy terms, premiums may be required monthly, quarterly, annually, or semi-annually. Failure to pay premiums will result in cancellation and denied coverage, although most insurers grant a short grace period.
In many cases, straightforward claims are paid quickly once documentation is provided. Still, disputes or delays may arise if questions about coverage or the cause of death are raised. If beneficiaries encounter a denial or protracted delay, consulting an insurance claim attorney can help determine if wrongful claim insurance practices exist.
Types of Life Insurance Policies in Oklahoma?
Oklahoma residents can access various life insurance policies that cater to different needs. Some examples include:
- Whole Life Insurance: This policy type provides coverage throughout the insured’s entire life. While premiums for whole-life coverage are fixed and typically more expensive than other options, a portion of each premium builds cash value in a tax-deferred amount.
- Term Life Insurance: Term life policies pay out death benefits to beneficiaries as long as the insured person dies within the policy term. Term lengths typically range between 10 and 30 years. While term life proves worthless should the insured not die within the policy term, it often offers the most affordable premiums.
- Group life insurance: Typically provided by employers as part of a benefits package. The employer holds the policy and pays all or part of the premiums. The death benefit is usually equal to one or two times the insured employee’s salary.
Under Oklahoma law, insurance companies must clearly disclose policy terms and avoid deceptive marketing tactics. If you believe your claim has been unfairly denied or delayed, seeking help from an Oklahoma insurance claim lawyer is the best course of action.
Common Reasons Life Insurance Claims Are Denied
While some denials are legitimate, others stem from bad faith insurance practices that unfairly withhold benefits from rightful beneficiaries. Common reasons for claim denials include:
- Misrepresentation of the Application – If a policy holder fails to disclose preexisting medical conditions or high-risk behaviors, Insurers may refuse to pay, arguing that full disclosure would have changed the approval decision.
- Non-Payment of Premiums – Policies require ongoing premium payments to stay active. If payments lapse and the policy cancels, the insurer may deny a claim even if the lapse was unintentional
- Excluded Cause of Death – Many policies contain exclusions, such as suicides occurring within a certain period, deaths cause by drug use, or fatalities resulting from hazardous activities.
Denials happen in many real-life scenarios. Imagine a slip & fall accident leading to a severe spine injury or a traumatic brain injury. Beneficiaries might suspect a wrongful denial if the victim passes away and the insurer refuses to pay.
Similarly, if a truck accident results in fatal injuries, the family may wish to speak with a truck accident attorney if the insurer disputes coverage on grounds not clearly outlined in the policy. If the denial involves a death that could give rise to additional liability concerns, a wrongful death attorney can help protect beneficiaries’ rights.
If you suspect a wrongful denial, consult an insurance claim attorney to review the policy terms and the circumstances surrounding the death. Not every policy dispute points to misconduct by the insurer, but insurance claim lawyers can see through their charades.
How an Oklahoma Life Insurance Attorney Can Help
Once you’ve contacted an insurance claim attorney from Aizenman Law Group following a suspected wrongful denial, you can rest assured knowing your claim is in the right hands. Insurance claim lawyers will take the reins by:
- Thoroughly reviewing your policy terms
- Speaking to insurance adjustors on your behalf
- Collect and review relevant documentation
- Negotiate a resolution
- Initiating formal legal action
If your insurance company engaged in bad-faith wrongful denial, you can take legal action to recover damages. You may be able to cover the amount of the claim, interest, attorneys’ fees, and more. Punitive damage may be available in the most egregious situations. A wrongful denial attorney can help you understand the full scope of available damages.
Standing Up Against Unfair Life Insurance Denials
Losing a loved one should be a time of grieving and remembrance, not a time of battling greedy insurance companies. Insurance companies purposely mishandling your claim to save money must be dealt with by aggressive insurance claim attorneys who won’t back down from any legal battle. That’s where the wrongful claim denial attorneys at Aizenman Law Group step in.
Our team of former insurance defense attorneys knows every trick in the book insurance companies use to deny claims. We’ll help you through the most difficult time of your life with your best interests at heart. Trust us to investigate the matter if you believe you’ve been a victim of wrongful insurance claim denial.
Call Aizenman Law Group at 918-215-8856 any time day or night for a no-cost consultation. Let’s work together to get you the compensation you need to move forward.
