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sturner60653 | Which life insurance companies deny the most claims? |
im shopping for life insurrance but I dont know which one to choose. I was going to try globe life because its cheap...but i heard they deny a lot of claims. which is the best company...hopefully one that can send someone to your house to talk to you and doesnt cost a fortune. i live in Chicago...thxs |
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src50
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Life insurance companies rarely "decline" valid claims. |
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FoudaFaFa
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i have no statistics I imagine they are guarded secrets but on general they are all the same and will get away with whatever they can i would go with a known company anyway just to get what is covered by law rather than a fly by night company |
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The Rabbi
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Life insurance is easy. It is regulated by state and federal governments. I haven't heard of a company denying a legitimate claim. It would be the end for them.
You die, the company pays.
Term ins is all the same. Shop price.
When it comes to permanent plans, there are differences. |
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smartyknickers
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I agree with John D.
And here's my 2 cents. :) As long as you're honest on your application, and you read the terms of your policy with your family (and have a trusted advisor present-- that's a plus) then there should be no surprises. There are some exclusions of course (like suicide, I'm pretty sure) but as long as you live and play by the rules, then your policy is a sound promise.
I would not advise you to choose a life insurance company based on the number of claims that are denied, but rather, choose a company that has been in business for a long time, with a proven record of financial stability and strength. Opt for a superior company. Naturally, larger companies will have more customers, and a higher likelihood that some customers are dissatisfied in some way with their claims (it's the pure law of averages.) Hence, it's not prudent to choose/avoid a company solely based on the number of claims that are paid or denied. There is no causal relationship.
There are no conspiracies (as some folks mentioned above) to capriciously deny claims and cover it up. Valid claims are rarely denied. Insurance is a highly regulated industry, thanks to E.S. and his cohorts.
If you want to be sure you're getting a good value for the coverage you need, contact an independent agent. Perhaps the agency that handles your auto insurance is also licensed to sell life and health insurance. Many good agents do make housecalls.
As with anything else, the cheapest isn't always the best, but it all depends on your needs. You get what you pay for. John D mentioned that Globe can offer a reduced premium because they have a direct-to-consumer model. They do not have to absorb the expense of paying commission to a sales force, overheard, etc. (This is why calling Progressive's toll free number to purchase auto insurance directly from the company is cheaper than buying Progressive insurance from an agent.) Some folks would rather pay a little extra premium to have the counsel of an agent to assist them in making informed decisions about everything from life insurance to auto insurance to investments. It's a personal choice. :) |
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Marvin the Martian
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I agree with the above answerer. Such statistics are heavily guarded as they can lead to a sharp downfall in a insurance companies profits. |
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John D
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Life insurance companies deny death benefit claims because applicant lied about either existing or past medical condition(s) on application (i.e., cancer, kidney dialysis, organ failure(s), HIV positive, heart attack, stroke, permanently non-ambulatory (wheelchair bound), etc.) or insured committed suicide within state statuatory time limits (generally two years; but a couple of states is 1 year).
All state laws allow for a contestability period (length varies by state but generally is two years) during which LIC can request and examine deceased's medical records to determine if application submitted truthfully. If determined application NOT submitted truthfully LIC considers contract is unenforceable because of no "meeting of the minds" (legal term) and LIC only obligation is to refund premiums paid plus statuatory interest (usualyy 6% pa)..
As mentioned previously most state laws contestability period is two years. That means if insured died within two years of issued policy being effective the LIC can obtain and examine insured's medical records for immediate two years PRIOR to policy being issued. Once policy is issued and effective if insured dies AFTER two years the LIC has to pay the death benefit regardless if applicant lied like a dog on the application.
Key fact here is contestability period and NOT if LIC is big company or small company or sells via Internet only or whatever. Once insured lives past two years after policy effective date the LIC is on the hook and must pay off.
Regarding Globe Life; I have a Globe Life $10K policy. GLIC rates are less expensive because GLIC has NO commissioned sales force for GLIC to pay sales commissions to (depending on type policy sold being either whole life or term life) and NO "brick and mortart" branch sales office to staff and run. Generally sales commission amount is equal to first years premiums. |
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mbrcatz
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OK, that's not a wise way to pick a company.
See, Globe offers coverage which is "no med exam", so they go strictly off the application. People lie on the ap, and when the claim is filed, THEN they investigate it, so then they deny the claim. The claims are RIGHTLY being denied. Sure it's cheap, because the limits are low.
You really need to go to a local agent, to help get you quotes. Term insurance is CHEAP. If you're under 30 and healthy, you can get 20 year term, for $100,000 of coverage, for $100 A YEAR.
If you don't want to go to an agent, call these guys: www.zanderinsurance.com |
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