KSKJ Pays on Contested Policy

No suitability for SPs right? They just sign and initial saying they understand what they're are doing?

Correct, exactly like buying final expense.
Only thing different is the possibility of it being a MEC. RNA told me there spwl would never be a MEC.
 
Why would it take a company 7 months to pay a death claim? It takes 2-3 weeks max to get an aps. Co's purposely stall.7 months to pay a claim is ridiculous.
 
Why would it take a company 7 months to pay a death claim? It takes 2-3 weeks max to get an aps. Co's purposely stall.7 months to pay a claim is ridiculous.

The policy was contestable (i.e., less than 2 years old). If the company investigates and finds a material misstatement on the application, then it can refuse to pay the death benefit and instead refund the premium that was paid. Insurance company have the right to contest a policy if there's the slightest of possibility that a misstatement was made, and most of them do. A guy that dies of a drug overdose less than a year after the policy was sold likely didn't tell the truth on the drug use question, so the company was likely investigating trying to see if it could find evidence of prior drug use.
 
It also takes time to get the information together. Beneficiaries and doctors are not the fastest moving people on the planet. The insurance company has timelines they must follow but the beneficiary does not, and not sure whether the doctors do but if so, it is much greater than the insurance company.
 
Biggest time issue I have run into is the beneficiary not listing all the Doctors. The company gets an APS from the primary care doc, that has a notation about a a different doc, that referred them to xyz hospital and so on. That and most agent do not help the beneficiaries in the process so they make mistakes which adds to the time delays.

Also, some companies are just slow.
 
Biggest time issue I have run into is the beneficiary not listing all the Doctors. The company gets an APS from the primary care doc, that has a notation about a a different doc, that referred them to xyz hospital and so on. That and most agent do not help the beneficiaries in the process so they make mistakes which adds to the time delays.

Also, some companies are just slow.

Correct. I believe insurance companies have 30 days from the time they receive all documentation to make a decision. Problem is, it takes time for all the information to get in. Not saying the carrier is fast, but they are not the primary cause of delay on claims.
 
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