David J. Blount

CFP®
Retirement, Investing, Insurance
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“As founder of Investment & Insurance Planning Services, LLC, David J. Blount is committed to helping people find clarity in their financial lives so they can feel more confident and free to do the things they're passionate about.”
Firm:

Investment & Insurance Planning Services, LLC

Job Title:

Certified FInancial PLanner ™

Biography:

David J. Blount, CERTIFIED FINANCIAL PLANNER™ founded Investment & Insurance Planning Services, LLC in 2005. David earned one of the most respected financial planning designations, CFP® , in 2007, allowing him to provide a broad range of financial advice. Prior to founding his own company, he worked for Calton & Associates and The MONY Group. While companies and markets may fluctuate, David’s values are steadfast. He values providing straight-forward advice, integrity, professionalism, honesty, and responsive service. He believes that getting to know the person and building trust in an advisory relationship is the key to meeting client satisfaction.

At Investment & Insurance Planning Services, LLC, we believe that you should enjoy your health, wealth and time by doing the things that inspire you. Our client commitment is to provide great service and advice that’s consistent with your individual financial goals. We strive to help our clients find sound financial strategies that enable them to pursue and protect what's most important. Furthermore, we utilize our skills in retirement, investment, estate and insurance planning to help clients solve the financial complexities of making a life-change or adjusting to new circumstances.

David completed his undergraduate studies at Troy State University, where he graduated Summa Cum Laude with a Bachelors in Arts & Sciences. Prior to that he spent 9 years in the United States Coast Guard where he participated in the  aids to navigation, maritime law enforcement and search & rescue missions. He earned a number of military awards and recognitions during his time in the service. David has served as the guest financial expert on Orange Televisions Adult Lifestyle Magazine Show and currently serves as the Vice President for Seminole Health & Human Services Network and ELITE Networking groups. David also volunteers his time with the Hook Kids on Fishing programs and is active at Northland Church. When not working, David enjoys fishing and spending time with his wife, Michelle, and their two children, Ryan and Alana.

Education:

BS, Psychology, Troy State University

Fee Structure:

Fee-Only
Commission

CRD Number:

4317397

Insurance License:

#Florida #D058365

Disclaimer:

Licensed: FL,TN,NC,MD,IN,PA,OH,

Registered Representative of The O.N. Equity Sales Company, Member FINRA/SIPC. One Financial Way, Cincinnati, OH 45242 (513)794-6794. Investment Advisory Services offered through O.N. Investment Management Company.

Contact your registered representative to obtain current prospectuses. Please read the prospectus carefully before you invest or send money. Investors should consider the investment objectives, strategies, risk factors, charges and expenses of the underlying variable portfolios carefully before investing.

Guarantees are based upon the claims-paying ability of the issuing insurance company.

As with any investment, investing in variable portfolios involves risk, including possible loss of principal. Past performance is no guarantee of future results.

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    Life Insurance
Can an insurance company deny a life insurance payout?
71% of people found this answer helpful

First of all please accept my condolences. I’m sorry for your loss.

Further to your question, once a policy is issued, the first premium is paid, and all delivery requirements are signed, the policy is in full force and effect.  There are many instances where an insured died the day the premium was paid and the carrier paid the claim, as they must.

However, all life insurance policies have a two-year contestable period. During this time the carrier may ‘contest’ the claim and deny payment if there has been a “material misrepresentation” of facts. Some examples would include non-disclosure of health issues such as tobacco use, etc. Furthermore, suicide is an exclusion if occurring in the first two policy years. Thereafter these issues are, generally speaking, non-contestable.

It’s possible that the carrier has not denied the claim so much as they are investigating the circumstances. That is not unusual. During this time the carrier will perform a thorough evaluation of all facts. Presupposing there are no adverse findings, the claim should be paid.

If the claim is denied, you’re entitled to an explanation. In today’s information age, it is difficult for a proposed insured to ‘hide’ any adverse history. If the claim is denied, and depending on the size of the claim, you may consider hiring an attorney experienced in these matters.

Next steps for you should be to confirm if they have in fact denied the claim or are still investigating it in accordance with the contestability clause in your uncle’s life insurance contract. If they’re contesting the claim, then I encourage you to be vigilant in staying informed and patient with the process. If the claim was denied, then obtain a detailed explanation of the reasons for denial. If you disagree with their decision, then see if you can appeal it and or consult with an attorney competent in these matters.

Thank you for the question and I sure hope that in the end this works out in your favor. To conclude I’d like to encourage other readers who are considering buying life insurance with the following story.    

I had a client a few years ago apply for life insurance, and during the application process told me she did not want to disclose a particular lifestyle choice. I counseled disclosure explaining the contestability period and that her application would be shopped until adequate coverage for an acceptable premium was found. Not all carriers look at all issues of health or lifestyle in the same way. Part of an agent’s task is to advocate for the client and find the best fit for both the client and the insurance company. 

She took my advice, answered all of the questions truthfully and accurately, and bought the coverage offered. The insurance company issued the policy as applied for.  However, within the two-year contestability period she passed away. The insurance company “contested” the claim and sure took their time looking into the coroner’s report, medical records, blood tests, media etc.…and paid the policy in full.

The point: it’s very important to disclose everything in an insurance application to avoid claim denial.

Many people want to avoid certain questions on the application to save money on premiums and keep it out of their records. For example, tobacco and recreational drug use are often not admitted. However, this creates a potential claim risk and unintended consequences to surviving family members.

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