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Beneficiaries May Be Entitled to Compensation if a Loved One Dies After a Lapse in Life Insurance Policy

Beneficiaries May Be Entitled to Compensation if a Loved One Dies After a Lapse in Life Insurance Policy

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California Laws Protect Consumers & Families From Losing Life Insurance Due to Non-Payment of Premiums

Losing a loved one is never easy. The grief and emotional turmoil are amplified when beneficiaries discover that their loved one’s life insurance policy has lapsed due to non-payment of premiums. This can add an extra layer of distress, especially if the deceased's family was relying on the life insurance payout for financial security.

However, if you're in California, there's a silver lining. The state's laws have provisions to protect consumers and families from losing out on life insurance due to non-payment of premiums. If your loved one's life insurance policy lapsed in the state, there's a chance you might still be entitled to compensation.

Understanding the Grace Period

California law mandates that all life insurance policies have a grace period – a specific length of time (usually 30 days) after the premium due date, during which the policy remains in force even if the premium isn't paid.

This means that if the insured individual passes away within this grace period, beneficiaries are still entitled to the full death benefit, minus any owed premium.

Notice of Cancellation is a Must

Insurance companies in California are required to send a written notice if a policy is about to lapse due to non-payment. The insurer must notify the policyholder at least 30 days before the termination of the policy.

If the company fails to send this notice, the policy might not legally lapse, even if premiums remain unpaid.

Reinstating the Policy

Even if the policy has lapsed, many insurance companies offer an opportunity for policyholders to reinstate their policies within a certain period, provided they pay the outstanding premiums and might have to provide evidence of insurability.

If your loved one had attempted to reinstate their policy or wasn’t given a fair chance to do so, this could be grounds for a claim.

Special Protections for the Elderly

California pays particular attention to protecting its senior citizens. If the policyholder was 60 years or older and had a life insurance policy lapse due to non-payment, the insurer must send a notification not only to the policyholder but also to a designated third-party, like a relative or close friend.

This additional step ensures that lapses due to forgetfulness, cognitive decline, or other age-related issues can be caught and addressed promptly.

We believe California consumers & families who lost life insurance due to non-payment of premium deserve compensation, starting with a free, private case review. 

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