When it comes to life insurance, there are a few things that can affect your policy. One of those is an exclusion due to a felony. This means that, should you ever commit a felony, your life insurance policy will no longer be valid. It’s important to know about this exclusion and how it may impact you and your loved ones. Here Bill Schantz discusses how the exclusion works and provides some tips on how to get coverage even with this restriction in place. So, read on for all the details!
Bill Schantz Discusses Life Insurance Exclusion Due To A Felony
If you have ever been convicted of a felony, you may be wondering if you are eligible for life insurance. The answer, according to Bill Schantz, is that it depends on the insurance company and its underwriting guidelines. Some companies will automatically exclude anyone with a felony conviction, while others will consider each case on an individual basis.
If you are able to find an insurer that is willing to provide coverage, there is a good chance that your premium will be significantly higher than someone with no criminal history. This is because insurers view felons as high-risk individuals who are more likely to die prematurely.
In some cases, a specific exclusion for felonies may be listed in the policy contract. This means that even if you pay your premiums on time, the death benefit will not be paid out if you die as a result of a felony.
Life Insurance Claim Denial: How To Fight A Felony Exclusion?
If you’ve been denied life insurance coverage because of a felony conviction, you may think that your options are limited. But there are steps you can take to fight the exclusion and get the coverage you need.
Most life insurance policies have a clause that excludes coverage for deaths caused by criminal acts. This means that if you die as a result of a felony, your beneficiaries will not receive any benefits from your policy.
However, there are ways to challenge this exclusion. First, you should check the language of your policy to see if there is an exception for accidental deaths. If so, then your death would likely be covered even if it was caused by a criminal act.
Second, you can also try to prove that your death was not caused by a criminal act. For example, if you were killed during a robbery, you could argue that your death was not caused by the robbery itself but rather by the negligence of the robbers.
Third, you can try to negotiate with the life insurance company. You may be able to get them to agree to cover your death if you agree to certain conditions, such as giving up your right to sue the company.
Finally, you can consult with an attorney who specializes in life insurance law, says Bill Schantz. They can help you understand your rights and options under your policy and help you challenge the exclusion in court if necessary.
Bill Schantz’s Concluding Thoughts
If you are considering purchasing life insurance, it is important, according to Bill Schantz, to disclose any and all felony convictions to the insurer. Failure to do so could result in your policy being declared void, which would leave your loved ones without any financial protection.