If your life insurance policy has been canceled – for any reason – the most important first step you can take is to reach out to an experienced Chicago life insurance attorney for the professional legal counsel you need. Your life insurance policy is an important component of your estate planning and your financial legacy, and the matter is too important to leave to chance.
Life insurance policies are sometimes denied by insurance providers for alleged material misrepresentation. This means that the insurance provider believes the policyholder provided false information about a primary matter such as one of the following:
If you are facing a claim of material misrepresentation regarding your life insurance policy, a dedicated life insurance attorney can help you get to the bottom of the matter, which often means appealing the insurance company’s decision and attempting to have the policy reinstated.
The State of Illinois employs the Illinois Insurance Code as the primary force in terms of regulating the insurance industry within Illinois – with oversight provided by the Illinois Department of Insurance (IDOI). There are several primary rules that tend to apply to cancellation cases, including:
Current life insurance policies in Illinois are backed by the state’s Life and Health Insurance Guaranty Association. This means that if the provider is properly licensed in the state and your premiums are up to date, the benefits that flow from your policy are guaranteed (up to specific maximums) even if the insurance company goes out of business.
The formidable Chicago life insurance attorneys at Anspach Law Office dedicate their impressive practice to helping clients like you address their life insurance policy concerns head-on – with the benefit of focused legal guidance backing them up. Your life insurance policy is important to you and your family, so please don’t hesitate to contact us for more information today.