Whenever you apply for a mortgage life insurance policy, you should make sure to list all the details of your health and financial records. Even though it may seem like overkill, you’ll want backup in the event a life insurance company stalls on paying out your policy. Here’s what to know if your insurance company is stalling.
Delay tactics work to the insurance company’s advantage
Often times insurance companies will stall claims to keep the injured party from getting a full settlement. They are looking to make more money in the long run by not paying out. They do this by extending the claim process, and they do this to confuse the injured party into accepting a much smaller amount.
One of the oldest and sneakiest tricks insurers use is to delay claims. They know that eventually the injured victim will settle for a favorable amount, and they want to catch the injured victim off guard. This is because most people believe that the initial offer is the only one they can accept.
Sometimes they will contact the injured person when they are home, and try to stall the claim. This puts a lot of pressure on the policyholders, and may lead to them surrendering their policy. During this time, the injured person may not have the time to consult an attorney.
Another tactic is to deny the claim. This is done by telling the injured person that they cannot recover damages. They will also tell the injured person that they cannot recover lost wages. These tactics can keep the injured party from getting a full payout, and this can result in the injured party returning to work.
Get a lawyer to contest the decision
Getting a lawyer to contest the decision of your life insurance company is not the cheapest option, but it can pay off in a big way. A competent lawyer will be able to identify which of the many insurers is best for you, and advise you on your best option for securing your family’s future. While you are at it, you may also get tips on what you can do to improve your chances of securing the coverage you need. You could even get a free consultation from a lawyer in your area, as well as some free legal advice.