Life Insurance: Filling a Claim
An insured person dies, and you’re the life insurance beneficiary. Will a check arrive after his/her death? While that may sound ideal at such a difficult time it isn’t actually the case. Although insurance carriers try to make claim payments as easy as possible, there are still some requirements. Here's a guideline on how you can submit your claim.
Get the insured persons’s death certificate:
If 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 filling a claim. Call the insurer on how you can get hold of those forms. These forms will ask your 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.
What for the payout:
In general, insurers will pay out life insurance claims within a week or two. Your can receive money in two ways:
You are offered a draft account that will let your withdraw the money anytime, in any amount, until it zeroes out.
Installments: With Installments, the insurer will hold the money and offer you some of these choices:
Fixed Amount: The insurer will pay a specific amounts at regular intervals until they 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 principals will then be paid to your seat upon your death. Ask your agents if you want to know how to withdraw from the principal. Life Income: If you want your payouts to be covered to an annuity, consider having a life income mode of payments.
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 filling 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 offer life insurance products that will help keep your family financially secure no matter what. Obtain a quote in minutes by texting or calling our office number (619) 799 -9443.