Buying life insurance coverage — privately or by means of your office incapacity plan — is a fairly widespread well being and monetary choice for a lot of adults. However what occurs in case your life insurance coverage declare is denied?
We’d like some elements of life insurance coverage regulation to change into common information. Having incapacity and life insurance coverage is how most of us put together to guard ourselves, and our households, ought to we be injured or change into disabled.
When insurance coverage contracts are negotiated and signed, many customers imagine they’re shopping for a service to guard their earnings and life-style within the occasion of a catastrophic occasion. So long as premiums are paid and no claims are made, that notion holds true for the purchaser.
It is just when one thing occurs and folks get harm or go away that issues come up — when insurance coverage corporations don’t maintain up their finish of the discount.
Life insurance coverage denials can have massive impacts on the coverage holder in addition to their household — inflicting monetary hardships and lack of supposed helps, comparable to protection for funeral bills or paying off excellent money owed.
In line with the
Canadian Life & Well being Insurance coverage Affiliation
– 22 million Canadians have life insurance coverage protection, totalling $5.3 Trillion. The typical life insurance coverage safety per family in Canada is $458,000. In Ontario, the typical life insurance coverage safety per insured family is even increased, at $485,000.