I’m Audrey Cassidy. I’m the operations manager of Tribute Insurance Assignments and today we’re going to talk a little bit about contestable life insurance claims.
A contestable life insurance policy is a policy that was issued within two years of the date of death of the insured. There’s no guarantee that the policy is going to pay out. The insurance company will request medical records from any doctor that had treated the insured within the last three to five years. They’ll review those records in depth and they’ll make sure that the information provided in the records matches up with the information that was provided when the insured applied for their life insurance policy.
If any of that information is inaccurate or if the insured did not provide all applicable information, then the life insurance company can deny the claim and not pay out any of the life insurance proceeds. Most funding companies when they make that initial call and determine that the policy has not been active for over two years, they’ll tell the funeral home that you know we’re sorry, we can’t take an assignment on this. The family’s going to need to find another means of payment.
At Tribute Insurance Assignments, we say send them to us. We will follow up with the insurance company. We’ll find out exactly what documents are going to be required. We’ll ask for the list of the doctors that treated the insured over the last five years. Once we receive that list of doctors, we’ll actually reach out to them ourselves and obtain the medical records.
Once we receive those from the doctors, we forward them directly to the examiner that’s working on the claim and then we follow up frequently throughout the claim process to make sure that the claim is being reviewed and determine if any additional documents are going to be required. Once the review has been completed and we know that because we follow up so frequently with the examiner, we immediately issue the funds directly to the funeral home or to the beneficiary.
I would suggest that funeral homes utilize Tribute Insurance Assignments to help process their contestable claims because it takes a lot of the burden off of them and the family. Allow us to do the leg work for you. Allow us to do the hard work, the grunt work, and obtain all these documents that are going to be required and that’s going to allow the families or the beneficiaries the time that they need to grieve and mourn their loss and not be worried about obtaining stacks and stacks of documents.
To find out more about Tribute Insurance Assignments, click here.