What You Need to Know About Ashford Life Insurance

What You Need to Know About Ashford Life InsuranceAs we’ve mentioned before, Connecticut life insurance can be a vital part of a strong financial plan, but these policies are not without their limits. Ashford life insurance policies, like all insurance policies, are good faith contracts between the policy holder and their insurance provider, and as such are susceptible to terms and conditions. It is important that policy holders fully understand the conditions of their life insurance policy, in order to best safeguard their assets and protect their loved ones.

There are a few commonly misunderstood elements of life insurance that policy holders should understand. For example, nearly every life insurance policy has a contestability clause, that allows insurance providers to investigate any claims paid out in the first few years of a policy. This clause was designed to prevent policy holders from taking out an insurance policy then seeking an immediate payout for their loved ones. In effect it acts as a deterrent for fraud or other such schemes. or or a two-year exclusionary period during which any claims can be contested or voided by the insurance provider. While this clause affords insurers the right to investigate claims and in turn void policies with reasonable suspicion of wrongful conduct, the vast majority of claims go uncontested. After the initial contestability period, a life insurance policy cannot be contested for any reason other than non-payment.

Another commonly misunderstood factor are life insurance exclusions, or conditions that would cause prevent a beneficiary from receiving claim settlements. Other than during the contestability period, there are no standard exclusions or exemptions for an Ashford life insurance policy. Unlike property and casualty insurance, Ashford life insurance has no standard form. As a result policy terms, prices and exclusions can fluctuate widely between providers. Existing industry standard are usually the result of state or local regulations, which is why policies and rates can also vary widely from state to state. In most cases, beneficiaries will still be eligible to receive the allotted funds in the event of accidental death or illness even if the policy holder is involved in “high-risk” hobbies or in poor health, as long as the circumstances were reported to their provider. However, some policies are written to exclude certain high risk behavior.

When it comes to navigating Ashford life insurance, it is important to work with a knowledgeable local Connecticut insurance agency you can trust. At Byrnes Agency, we can help you decide the type of life insurance CT policy that suits your needs. Our life insurance specialists can help you find the right type of policy so you don’t buy more or less coverage than you and your family really need. Please contact us today at one of our various locations throughout Connecticut to learn more about our operation and all our offerings.

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Dayville Office

Phone: (860) 774-85
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Woodstock Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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