In any life insurance claim, you need to have the insured person’s death certificate on hand. You are going to submit this together with your claim.
Find the life insurance company.
It is important to note that you don’t need the policy on hand (or the policy number) to file a claim. If you know the company or the agent who sold the policy, then making a claim may not be a problem.
Fill out and submit paperwork.
There are forms you need to fill out when filing a claim. Call the insurer on how you can get hold of those forms. These forms will ask you details about yourself and the deceased person. You will also be asked how you would like to be paid. Submit the forms to the appropriate person.
Wait for the payout.
In general, insurers will pay out life insurance claims within a week or two. You can receive money in two ways:
You are offered a draft account that will let you withdraw the money anytime, in any amount, until it zeroes out.
With installments, the insurer will hold the money and offer you some of these choices:
- Fixed amount: The insurer will pay a specific amount at regular intervals until the payout is exhausted.
- Fixed period: The insurer will make regular payments for a specified period.
- Interest payments: The insurer will pay you regular interests on the remaining balance of your life insurance money. The principal will then be paid to your estate upon your death. Ask your agents if you want to know how to withdraw from the principal.
- Life income: If you want your payout to be converted to an annuity, consider having a life income mode of payment.
Life insurance can go a long way in helping your beneficiaries with their finances after your death. However, that can only happen if they know the process of filing a claim from your insurance. Make it a point to tell them as early on how they can withdraw your life insurance money.
Vianca’s Insurance & Financial Services offers life insurance products that will help keep your family financially secure no matter what. We offer policies and peace of mind for a reasonable price. Get a quote from us today! Call us at (619) 799-9443 or visit us at our office.