How to Reinstate a Lapsed Life Insurance Policy in Minnesota
Clients often come to Mark with a similar story. A life insurance company has alleged that benefits are not payable because a policy lapsed shortly before the insured died. Sometimes the final premium was not paid because the insured was suffering from poor health and/or was in the hospital. In other situations, the insured are still alive, they have been paying their premiums for years, and are shocked to learn they no longer have life insurance. Something went wrong with their premium payment and notice of lapse was never received. If the policy is still within the grace period, the premium payment should be made immediately!
The Minnesota Statutes, and the applicable life insurance policy, have specific and mandatory grace periods and notice requirements. Often, life insurance companies fail to adhere to these requirements. Mark has found that either they flout the law for nefarious reasons, or they simply do not understand Minnesota law. Indeed, many of the insurance companies are not based in Minnesota and the final decision to deny the claim is typically not made by an attorney - let alone an experienced life insurance attorney.
These life insurance companies will nevertheless dig their heels in and continue to deny the claim until a seasoned and aggressive Minnesota life insurance attorney like Mark Santi forces them to pay.
Mark Santi works one on one with beneficiaries who have had a life insurance claim denied. If you have had a claim in excess of $100,000 denied, contact Mark immediately at 612-808-9082, at msanti@santicerny.com, or via the form below.
