Most individuals and families living in the United States have at least one, if not several insurance policies. Those policies may include health, automobile, home, umbrellas, and life insurance policies.
Unfortunately, many have learned the hard way that the ins and outs of insurance coverage can be tricky to navigate and often leave you feeling confused and frustrated.
For today’s purposes, we are focusing on life insurance and how we encounter it in the context of the wrongful death claims that we handle for families. Many who lose a loved one in a devastating crash or other accident often wonder how the deceased’s life insurance policy will work in conjunction with a wrongful death claim.
How Does Life Insurance Work?
The basics of life insurance look something like this:
The policyholder pays a premium to the insurance company. If he or she dies during the policy term, the insurance proceeds are to be paid to the insured’s beneficiaries. The two most common types of life insurance include whole or term life insurance.
Whole life insurance lasts for an insured’s lifetime, as opposed to term life insurance, which is for a specific amount of years.
Common Exclusions in Life Insurance Policies
A life insurance policy, like all insurance policies, is a contract between you and your insurance provider. Most insurance policies will include exclusions in this contract. You should carefully review the insurance policy to be aware of these exclusions. A few common exclusions include suicide, war, or hazardous activities such as skydiving.
Wrongful Death and Life Insurance
So this may have you wondering how life insurance works with a wrongful death claim. Can you receive compensation from a wrongful death claim and life insurance? The short answer is yes, you can receive both types of compensation when the situation applies.
Wrongful death is a legal term used to describe the loss of life due to someone else’s actions or inactions. There are many situations, including vehicle or truck accidents, nursing home negligence, defective products, dangerous premises, and more, that can result in wrongful death. It is the responsibility of the negligent person or organization to provide compensation to the deceased person’s Estate and surviving family members.
That claim can be pursued apart and separate from any claim for life insurance proceeds. As long as the surviving family can comply with the requests of the life insurer, the family and/or Estate will be able to recover against the life insurance policy. Nothing about the pursuit of a wrongful death claim should affect that.
Wrongful Death Attorney near Hamilton, Ohio
If you have questions regarding wrongful death claims, The Richards Firm is here to provide you with information and guidance.
Wrongful death claims can be complicated. Not only are you dealing with the loss of a family member, but also you still have to prove a case. You need an attorney who is experienced with wrongful death cases.
As a wrongful death attorney in Hamilton, Ohio, Rhys Richards has successfully handled numerous claims. He is prepared to investigate the matter and preserve any pertinent evidence, hire the appropriate experts, and take all necessary steps to protect you and your family while you deal with this tragedy.
At The Richards Firm, we understand that you and your family are grieving. We make it a priority to be respectful of your grieving process while we work with you on your claim.
The Richards Firm can help you protect the rights of your loved one’s Estate, you, and other surviving family members.