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Life insurance law in Surrey, Canada is regulated by both federal and provincial laws. These laws ensure the fair treatment of policyholders by insurance companies. They protect consumers from unfair or deceptive practices and assure that insurance companies maintain financial solvency to meet their policyholder obligations. Life insurance laws cover a wide range of topics, including the elements of a binding contract, premiums, beneficiaries and claims.
While purchasing a life insurance policy might seem straightforward, several circumstances make it advisable to consult a lawyer. Some of these include making sure the policy conditions and clauses are in your best interest, resolving disputes with your insurance provider, and handling denial of benefits. An attorney can also be beneficial if you're considering switching policies or carriers, or if you need help understanding the terms and conditions of your policy.
In Surrey, Canada, life insurance is regulated by the Insurance Act of British Columbia, selling life insurance without a license is prohibited, and unfair or deceptive practices by insurers can be punished by law. Specific laws allow policyholders to nominate a beneficiary and these nominations cannot be contested by others after the policyholder’s death. Furthermore, if an insurer wrongfully denies claim, policyholders may have the right to sue the insurer for breach of contract and bad faith.
Yes, insurance companies can reject claims in certain circumstances. However, they must provide valid reasons for the denial. Common reasons include non-disclosure of essential information, or misrepresentation.
Yes, the policyholder in Surrey, Canada has the right to change their beneficiary as long as it complies with the policy’s terms and conditions.
In the unlikely event of an insurer bankruptcy, Assuris - a non-profit organization- will protect policyholders by either arranging for their policies to continue with another insurer or by providing compensation.
Generally, personal life insurance premiums are not tax-deductible in Canada. However, certain exceptions might apply, and you should consult with a tax professional or lawyer for specific advice.
Once the policy’s contestability period - usually two years - has passed, a policy’s validity cannot generally be contested by the insurer. After the death of the policyholder, the beneficiary designation also cannot generally be contested.
Insurance Council of British Columbia, Canadian Life and Health Insurance Association, and Assuris are notable resources for understanding life insurance law in Canada, while the Law Society of British Columbia can help you find a knowledgeable attorney.
If you need legal assistance with a life insurance matter, it is advised to consult a lawyer with expertise in this field. You may wish to contact your local bar association for a referral, or reach out to non-profit legal aid organizations in Surrey.
