What Can Void Your Life Insurance?

Although we are required to fill out forms correctly with all necessary information when purchasing a life insurance, what happens if you leave out some details? Another probable question is if future health decisions can void your life insurance. While this may seem strange to some people, there are many people who fall into this category. You could choose to refuse treatment for an illness that affects your life on the grounds of religion. You could also prefer alternative medicines to mainstream ones, etc.

If you falsify or withhold certain information in your form, I can actually make your policy null and void. There seems to be an exception to this. According to life insurance experts at Greater National Group, in most cases, once the contract is already signed you are still covered by the terms in the contract. Life insurance policies will still cover you if you refuse to take treatment or refuse a certain kind of surgery. The policy can only be void if it was discovered before the policy is written.

For this reason, many insurance companies often include a two-year contestable period. During this time, the company has the legal right to rescind on your policy if there is proof that you misinformed or falsified information on the contract. Anything beyond this period, your claim will be paid to you nonetheless. 

Do You Need A Public Adjuster?

Generally, a public adjuster is hired to protect the interest of an insured business. In the case of a loss or damage, a public adjuster acts as an advocate for the business throughout the claim process. As a matter of fact, the services of a public adjuster when hired will only expire after the claim has been paid. Public adjusters should not be mistaken for adjusters sent by insurance companies. A public adjuster does not work for insurance companies but solely for the business.

When you have damage or a loss you may hire a public adjuster who would deal directly with the adjuster of the insurance company. Normally when your business suffers a loss or damage, a good insurance company like Greater National Group would immediately assign an adjuster to you. Insurance companies assign basically two types of adjusters; staff adjuster and independent adjuster. Ideally, you would not need to hire a public adjuster if there are not issues or holdups in receiving your claim. The insurance adjusters can usually handle all aspects of the job.