Insurers determine the premiums of a policy on the basis of your health and medical history. So in this article you may talk about some of the possible scenarios. The way an insurer will treat an application from someone who has contracted the coronavirus will vary. Some may postpone the offer for up to 90 days or until he/she can provide proof of full recovery.
It is not an insurer’s obligation to notify beneficiaries of life policies – they don’t even know an insured has died. The steps are similar to finding out if someone has life insurance. And you may also include resources for online search as well as professional service.
Common Reasons Why Deny Life Insurance Claims
Every life insurance provider states certain conditions under which the death claim can be denied. Some of them include death due to suicide within the first two years of the policy, drug overdose, illegal activities, dangerous activities (e.g. skydiving or riding a motorcycle), murder by a beneficiary, or acts of war.
Some insurers have denied claims within the contestability period for reasons such as lying about income, not disclosing another life insurance policy, misrepresenting pre-existing health conditions, not mentioning smoking habits, or even because premiums weren’t paid.
10 Factors That Will Affect Your Life Insurance Premium
- Your age
- Your health condition
- Your family medical history
- Your smoking status
- Your drinking habit
- Your gender
- Your occupation
- Your lifestyle
- Your hobby
- The payment mode
