Missed Life Insurance Premium Payments
What You Can Do If a Premium Payment Was Missed
At Joseph & Eugene, LLC our experienced life insurance attorneys have over 50 years of handling insurance claim denial cases throughout the State of Missouri. If the life insurance company has denied you for any reason, especially if premium payments were missed, contact our attorneys immediately. Time is of the essence in these cases.
If you or your loved one missed a monthly life insurance premium you must act quickly to preserve any rights. A lot of life insurance policies contain grace period in their terms and conditions. The grace period might depend on whether monthly, quarterly or yearly premiums are due. Typically, there is a 30 day grace period to pay life insurance premiums. After that, the life insurance company may cancel the policy or they can reinstate the policy. They may require additional paperwork and a bill of good health before reinstatement. You must act immediately if your policy contains a grace period!
Most insurance companies require premiums be paid at the beginning of the policy period or a designated time during the policy period. If you miss a premium payment the policy will usually either lapse or, if the insurer agrees to accept a late payment, the policy will continue. In limited situations the insured can estop or prevent the life insurance company from claiming the policy lapsed based on their conduct. The life insurance company, based on its’ conduct, can also waive its’ right to claim the policy is no longer effective for the failure to pay premiums.
Waiver or Estoppel of Insurance Company’s Right to Deny Life Insurance Policy
An insurance company waives their right to forfeit the policy for nonpayment of premiums when they have expressly or impliedly lead the insured to believe that they have relinquished such rights. For example, a life insurance company that accepted premium payments knowing that the policy had lapsed when the payment was received has waived the right to claim forfeiture of the policy due to nonpayment of premiums.
A life insurance company can also lose its’ rights by their conduct. For example, if a life insurance company led you to believe you were insured up to the time of death they can be estopped from claiming the policy lapsed for nonpayment of premiums.
If your loved ones life insurance company has denied the claim for missed premium payment it is important you contact an experienced life insurance attorney immediately. There are short deadlines to rectify the situation in some cases.
Hire an Experienced Insurance Claim Denial Attorney
Our results speak for themselves. Our experienced insurance claim denial attorneys have never lost a case. At Joseph & Eugene, LLC our lawyers handle cases throughout Missouri and Illinois. Don’t delay if you have been denied your insurance claim. Contact our knowledgeable lawyers today at (314) 881-8338 or send us an Insurance Denial question. We look forward to hearing from you. All communications are returned promptly.
Joseph & Eugene, LLC
222 South Central Avenue, STE 1003
St. Louis, MO 63105