How Can a Lawyer Help You Reinstate a Long-Term Care Insurance Policy?
Long-term care insurance policies have many advantages that help people protect themselves in the future. To enjoy these benefits, it is necessary to pay premiums to prevent a policy lapse resulting from non-payment.
If you miss a premium payment, whether intentional or not, it can have devastating consequences on your insurance policy. Fortunately, you always have the option of Long-Term Care Insurance Policy Reinstatement.
Working with a lawyer allows you to reinstate your long-term care insurance policy even if you missed your premium payments, but the options you have solely depend on your case and its circumstances.
Reasons Why Insurance Policies Lapse
There are various reasons why your insurance policy or the insurance policy of a loved one can lapse. Some of them include the following:
– The policyholder did not make the payment on time or missed the premium payment notice. In some cases, they might have been hospitalized or become functionally impaired, preventing them from paying on time.
– Your loved one became cognitively impaired, which left them unable to manage their finances accordingly
– Due to financial reasons, the policyholder either lacks the willingness or ability to make the necessary payments for their policy.
In many situations, the policyholder receives notifications about their policy being at risk of lapsing since they didn’t make the payment. However, they may fail to make payments even after the notice due to a medical condition or other reasons.
In this situation, their financial protection ends, and if they ever want to have coverage again later, the premiums will be higher than before, especially if they develop other medical conditions.
Generally, you can seek reinstatement by making a claim within six months or the timeframe specified in your policy and acting upon the provisions stated in your policy to get it back. If you wish to reinstate your insurance policy, consider opting to have a third-party designated to be notified when your policy is at risk of lapsing due to non-payment.
Reinstating Long-term Care Insurance Policy
Reinstating a long-term care insurance policy isn’t easy, as it requires expert legal assistance. You need to contact a long-term care insurance lawyer to help you out. A lawyer will review your case and analyze exactly why your insurance policy lapsed.
They will analyze the insurance company’s reasons and act accordingly to appeal your case so that you can get your full coverage back. In some situations, lawyers can use physician statements to demonstrate to the insurer that the policyholder’s inability to pay was related to cognitive impairment or other reasons which are valid from the perspective of the law.
This means that an insurance company cannot deny your claim and will have to reinstate your long-term care insurance policy. Your legal strategies and actions depend specifically on your case and the circumstances surrounding your lapsed policy. Contact a long-term care insurance lawyer for a consultation and learn more about how you can reinstate your long-term care insurance policy.