Life Insurance Benefits Conditions Oregon OR
Reader’s Question:
A friend of mine has a father who recently passed away due to OD, and they are thinking it might be suicide, would her father’s life insurance provider in Oregon grant her death benefits if it’s proven that her father did commit suicide?
Norman
Portland, OR
Interestingly enough, this would depend on who their life insurance provider in Oregon is, as well as the specific clauses and stipulations that are written on their life insurance agreement. Some life insurance providers null policies if the insured is proven to have committed suicide, therefore exempting them from any obligation to pay death proceeds to the beneficiaries. There are providers that may be flexible enough to grant death benefits but only if the insured takes his life away after being under the life insurance coverage for over two years or more, this is known as the policy’s contestability period. Within this period, most states will allow the life insurance provider legal rights to contest the death of the insured and may even require further investigation of the matte before agreeing to pay death benefits.
Additionally, some states would have their life insurance companies place a one year suicide clause to further protect the business from misrepresentations and fraud. If it is proven that your friend’s father did commit suicide with or without the intention of wanting his beneficiaries to get life insurance money, it may be possible for your friend to argue their side with an effective enough attorney, and be granted death benefits. The best way to really know for sure would be to have your friend consult their father’s life insurance contract to know their providers policies regarding this matter.
Tags: life insurance, cheap life insurance, life insurance information, advise
Life Insurance Claims Oregon OR
Reader’s Question:
What are the instances when life insurance companies here in Oregon don’t pay out claims?
Stanley
Portland, OR
Stanley, I don’t think that a lot of life insurance companies don’t pay out their claimants. But, of course, for sure, there have been instances when a number of claims may have been declined, or at least only the amount of premiums paid was returned. I have, however, enumerated some of the reasons why claims are received late or not at all.
Any business that deals with hefty amounts of money would make sure that everything is in proper order. Let’s say a claimant presented herself to a life insurance office in Oregon, for example, and said that her husband died, and she is claiming her check. Assuming that what she was claiming was true, the company would still want to see a copy of a death certificate. Usually, the death certificate states the cause of death. If cause of death is due to suicide, the company has the right not to pay out claims right away. In some cases, the life insurers, even though they have a suicide clause, still pay out according to what is stipulated in the contract, but only when the plan reached its maturity value.
Also, there are instances when foul play is involved, and a full investigation has to be launched first and confirm that it is not the beneficiary/beneficiaries who committed the crime to have access to the money.
Then there are times when the claimants presenting themselves cannot validate their identity. The life insurer deposits the whole death benefit amount and just let the court decide who gets the money.
Tags: liability insurance, life insurance claims
Loading ...