Is there a time limit for suing a life insurance company?

Answer 1

The broad answer is "Yes". All causes of action have applicable statutes of limitations within which they must be commenced (filed). The sometimes difficult part is calculating the limitations period. That said, all limitations period are defined by statute (written law).

In general, if the suit is based upon the failure of your own insurer to pay (what you believe to be) a valid insurance claim, the suit must be brought within the time period specified by statute for suits on a written contract (the insurance policy). Alternatively, if the applicable state law prescribes a different specific period of time for suing your own insurer for nonpayment of a claim, suit must be filed within that period. Important to note is that the insurer has no duty to pay a claim until and unless the claimant has complied with all conditions specified in the policy, such as filing a proof of claim, allowing the insurer to inspect the damaged property, and the like.

Some causes of action against ones own insurer are purely statutory in nature, such as those for "bad faith". These relate essentially to the manner in which the insurer has treated you in the claims process. There is generally a different statute of limitations for these (often based upon tort, rather than contract).