This pandemic changes everything. Or does it change anything? You have questions – and we at LifeInsuranceLawyerNOW. com have answers for you regarding Life Insurance in the Time of COVID-19. Our biggest hope is that very few people are unable to make full recoveries from this virus. But if things get really bad, should you be worried about the life insurance company? What will happen to your claim?
The life insurance companies are generally financially strong; they have the ability to pay your claim. Overall, most life insurance companies are in very strong financial positions. Life insurance companies have large income streams (premiums), conservative property-type investments, and large credit lines. Many companies have additional insurance programs, where part of a large policy is held by another insurance company, through reinsurance agreements and “treaties.”
It would take a truly severe situation to threaten a life insurance company, not to mention, the entire marketplace, and even an overwhelming number of claims could be accommodated, through various programs.
Will COVID-19 Hurt Life Insurance Companies and My Claim?
While it is unlikely that the whole life insurance industry would tank because of this pandemic, it could put significant pressures on particular life insurance companies. Some companies do have more specialized or focused policies, in a particular class of insureds, or parts of the country. Depending on how things unfold, there could be greater pressures on some life insurance companies, more than others. Some life insurance companies are parts of bigger companies, too, or write insurance policies beyond life insurance alone. That may provide some stability, or even some vulnerability, again depending on what happens in the next few months.
But your real question, and our true interest, is even more focused. Will this affect your life insurance claim? We think it is hard for it to not affect your claim.
- We expect that life insurance companies will try to slow down the payment of claims, even when they know they need to pay.
- Some life insurance companies may be tempted to “over” investigate policies less than two years old, looking even harder for a way to try to not pay.
- More life insurance claims will be met with a simple refund of the premiums, and a hope that the distressed beneficiary will just be too overwhelmed to complain further.
Will Life Insurance Companies Make it Harder to Pay a Claim?
We are here to help. Whatever the added, unnecessary investigation may be, the repeated submissions of papers that seem to get “lost” like many modification requests, or other antics, we will work with high energy and vigor to hold these life insurance companies accountable. We are on the life insurance companies to not delay, but to pay, and to do so without asking unnecessary questions, or questions that could have been asked much earlier, but were not, or for things a beneficiary just would not have. The level of nonsense is likely to go up, no matter where this crisis goes.
We have done this a lot. We take the time to know you and your case. We start working for you NOW. We communicate with you, respond to your calls, are available to you. We focus on how to win your case. If you have a problem getting your life insurance claim paid, rescission, beneficiary disputes, or your policy has been cancelled or has other issues on it, you need to contact Life Insurance Lawyer NOW.com or life insurance justice.com. Use the form on our site, or email us, or call (888) 997-4070 or (818) 937-0937 to speak directly to an experienced life insurance lawyer. We are the best life insurance lawyers around, and we are real lawyers, not a lawyer referral service or “middleman”, we are here for you NOW.