Best Life Insurance Lawyers in New Hampshire

About Life Insurance Law in New Hampshire, United States

Life insurance is an important form of financial protection that provides a payout to designated beneficiaries upon the policyholder’s death. In New Hampshire, life insurance is governed by a set of state laws and regulations designed to protect consumers and ensure the integrity of insurance companies operating in the state. The New Hampshire Insurance Department oversees the licensing, regulation, and enforcement of life insurance policies and practices. If you are considering purchasing life insurance or handling an existing policy, it is important to understand your rights and obligations under local laws.

Why You May Need a Lawyer

While many people handle life insurance matters without legal assistance, there are situations where consulting an attorney can be highly beneficial. You may need a lawyer if you encounter the following situations:

• Disputes over the validity or interpretation of policy terms
• Denial of a claim by the insurance company
• Allegations of misrepresentation or fraud
• Concerns about delayed payment of death benefits
• Complex estate or beneficiary issues, including assignment of benefits
• Suspected bad faith practices by insurers
• Issues involving assignment or transfer of a policy
• Disputes arising in the context of divorce or probate proceedings where a policy is involved

A lawyer with experience in life insurance law can guide you through the complexities of these issues and help protect your interests.

Local Laws Overview

New Hampshire’s life insurance laws are codified in the Revised Statutes Annotated (RSA) Title XXXVII. Some key aspects include:

• Mandatory grace periods: Policies must include a grace period (usually 30 days) during which payment can be made after a missed premium before the policy lapses
• Free look period: Consumers have at least 10 days after receiving a new policy to review and cancel it without penalty
• Protections against discrimination: Insurers cannot deny coverage based on certain protected characteristics
• Claim processing requirements: Insurers are required to process and pay valid claims promptly, often within 30 days of receiving proof of death
• Beneficiary rules: Policyholders have the right to change beneficiaries, subject to certain exceptions based on divorce decrees or legal settlements
• Regulation of contestability: After a policy has been in force for two years, the insurer’s ability to contest claims based on application misstatements becomes limited

It is also essential to be aware of the role of the New Hampshire Insurance Department, which helps enforce these protections and investigates complaints.

Frequently Asked Questions

What is the “free look” period for life insurance in New Hampshire?

The free look period in New Hampshire gives you at least 10 days to review your life insurance policy after receiving it. During this time, you may cancel for any reason and receive a full refund of any premiums paid.

How long do insurers have to pay a life insurance claim in New Hampshire?

Life insurers in New Hampshire are required to pay claims promptly, typically within 30 days after receiving satisfactory proof of death, unless there are extenuating circumstances.

Can someone contest or dispute a life insurance policy in New Hampshire?

Yes, life insurance policies are generally contestable for the first two years after they are issued. After that period, the insurer’s ability to deny a claim based on misrepresentations or omissions in the application is significantly limited.

What happens if I miss a premium payment on my life insurance?

All life insurance policies in New Hampshire must include a grace period (usually 30 days). If you miss a payment, you have this period to make up the premium and keep the policy active.

What are typical reasons for claim denial in New Hampshire?

Common reasons include material misrepresentation on the application, non-payment of premiums, death under policy exclusions, fraud, or a lapsed policy due to non-payment.

What can I do if my life insurance claim is denied?

If your claim is denied, request a detailed explanation and review the policy terms. If you believe the denial is incorrect or unfair, you can file a complaint with the New Hampshire Insurance Department or consult a lawyer for assistance in appealing the decision.

Can the beneficiary of a life insurance policy be changed?

In most cases, the policyholder can change the beneficiary at any time, unless the policy specifically names an irrevocable beneficiary or there are legal restrictions due to divorce or court orders.

Are life insurance proceeds taxable in New Hampshire?

Generally, life insurance death benefits paid to beneficiaries are not subject to federal or New Hampshire state income tax. However, interest earned on the proceeds may be taxable.

What should I do if I suspect fraud or bad faith by an insurer?

You can file a complaint with the New Hampshire Insurance Department and also seek legal advice from an attorney experienced in insurance law to explore your options for recourse.

How do I check if a life insurance company is licensed in New Hampshire?

You can verify the licensing status of insurance companies through the New Hampshire Insurance Department, which provides information and maintains records on all insurers authorized to operate in the state.

Additional Resources

If you need more information or have concerns about your life insurance policy, the following resources can help:

• New Hampshire Insurance Department - The main state agency overseeing insurance law and consumer protection
• National Association of Insurance Commissioners (NAIC) - Offers consumer guides and educational materials
• State Bar Association - Can assist in finding a qualified life insurance attorney
• Better Business Bureau - Provides insight into the business practices of life insurance companies
• Local nonprofit legal services - May offer free or low-cost legal assistance for those who qualify

Next Steps

If you are facing a life insurance issue in New Hampshire and need legal help, consider the following steps:

• Gather all relevant policy documents, correspondence, and records
• Contact the insurance company to resolve the issue directly, if possible
• If you do not receive a satisfactory resolution, file a complaint with the New Hampshire Insurance Department
• Consult with a qualified attorney experienced in life insurance law for guidance on your rights and legal options
• Stay informed about your rights as a policyholder by reviewing materials provided by the Insurance Department and reputable legal organizations

Taking these steps will help you protect your interests and ensure that you receive the life insurance benefits you are entitled to under New Hampshire law.