Imagine that a family is grieving the sudden loss of a loved one. Their loved one didn’t make any prearrangements, so they’re looking into alternative payment methods. They want to use a life insurance policy, but it turns out it’s a contestable policy.
With other funding companies, they may simply say that they can’t accept the contestable policy. But with Tribute Insurance Assignments — one part of our all-in-one payment platform Tribute Pay — our team can pursue these claims, taking that burden off the family, and getting them paid out faster than if the family were to pursue the claim on their own.
What Is a Contestable Policy?
A contestable policy is a life insurance policy that was issued typically less than two years prior to the passing of the insured. With contestable policies, there’s no guarantee that the policy will pay out.
The insurance company requests and reviews medical records from the doctors that treated the insured. Then they can determine if the information on the life insurance policy application is correct. If any information in their medical records is different from information on the application, the insurance company can deny payment.
Tribute Insurance Assignments Contestable Claim Process
When there’s a contestable claim, the Tribute Insurance Assignments team handles collecting the paperwork and following up with the doctors and insurance company. This way, your funeral home’s staff and client families don’t have to worry or stress about it.
“We use our experience and expertise to obtain all required medical records, forward those to the insurance company, and follow up regularly to check on the status of the claim and provide any additional information that insurance company may request,” said Audrey Cassidy, the operations manager of Tribute Insurance Assignments.
Our insurance assignments team works directly with the doctors to get necessary documents as quickly and efficiently as possible. We forward these documents to the insurance company and make sure the examiner who is reviewing the claim receives them. If they need any additional documents, our team collects and sends those right away.
Generally, the review process of contestable claims can take months. But our insurance team follows up regularly with the doctors, the insurance company, and the examiner to significantly cut that timeframe. When the examiner finishes reviewing the claim and says it will pay out, we forward the funds to your funeral home.
Less Time and Stress for Your Funeral Home and Families
Our goal is to create a process that’s less stressful for both your funeral home’s staff and client families. We handle the bulk of the work and make it a faster process. Your client families and staff don’t have to worry, as our experienced team makes sure everything is done correctly and in a timely manner.
“By utilizing the services we provide at Tribute Insurance Assignments, the contestable claim process is made much more convenient and efficient for the family involved as well as the funeral home,” said Cassidy. “We do all the leg work and document processing and can have a payment processed much quicker than if the family was handling the claim themselves.”
With Tribute Insurance Assignments, this is just one of many ways that, together, we can create a meaningful funeral experience for your client families.