Life Insurance Lawyer Chicago Illinois

Whole Life Insurance: A whole life insurance policy provides coverage for the policyholder's entire life, as long as the premiums are paid. Whole life insurance policies also accumulate cash value over time, which can be borrowed against or used to pay premiums. Whole life insurance is generally more expensive than term life insurance, but it offers more comprehensive coverage and can be used as an investment vehicle.

Universal Life Insurance: A universal life insurance policy is similar to a whole life insurance policy, but it allows policyholders to adjust the death benefit and premium payments. Universal life insurance policies also accumulate cash value over time and offer more flexibility than whole life insurance policies.

No-Exam Life Insurance: A no-exam life insurance policy does not require a medical exam for underwriting purposes. Instead, the insurance company uses other methods to evaluate the policyholder's health, such as reviewing medical records or asking health-related questions on the application.

Here are ten reasons for denied life insurance claims:

1. Misrepresentation on the application: If the policyholder provides inaccurate or incomplete information on the application, the insurance company may deny the claim.

2. Non-disclosure of medical history: If the policyholder fails to disclose a pre-existing medical condition, the insurance company may deny the claim.

3. Non-disclosure of risky activities: If the policyholder engages in a high-risk activity, such as skydiving or bungee jumping, and fails to disclose it on the application, the insurance company may deny the claim.

4. Non-payment of premiums: If the policyholder fails to pay the required premiums, the insurance company may cancel the policy or deny the claim.

5. Suicide: If the policyholder dies by suicide within the policy's suicide exclusion period, which is typically two years, the insurance company may deny the claim.

6. Homicide: If the policyholder dies as a result of committing a crime or being involved in illegal activity, the insurance company may deny the claim.

7. Death while under the influence: If the policyholder dies while under the influence of drugs or alcohol, the insurance company may deny the claim.

8. Exclusion clause: If the policyholder's death is caused by an event or condition that is excluded under the policy, such as a pre-existing condition or an excluded activity, the insurance company may deny the claim.

9. Failure to update policy information: If the policyholder fails to update their policy information, such as changes in beneficiaries or a change in address, the insurance company may deny the claim.

10. Fraudulent activity: If the insurance company discovers that the policyholder engaged in fraudulent activity, such as faking a death or providing false documentation, the insurance company may deny the claim.