How to Make a Life Insurance Claim
If you are a beneficiary on a recently deceased person’s life insurance policy, you need to file a claim before you are able to collect the death benefits. If you don’t file the claim, you probably won’t see the money and waste the policyholder’s premium payments. Thinking about life insurance after a loved one’s death is not greedy. After all, the whole purpose of purchasing life insurance is to help beneficiaries cope with the loss. Therefore, there is no shame in pursuing the money that a loved one wanted you to have.
There is no rush and no time limit to claim on a life insurance policy. When it comes to the death of a loved one, insurance companies understand that you have other priorities. The process of filing a death claim is simple and straightforward. In this article, we’ll help you understand how to make a life insurance claim in easy steps and why a life insurance claim might be rejected.
- A death benefit can be paid out by a life insurance company to the person or people you named as beneficiaries on the policy.
- Death benefits are not automatically paid out, the beneficiary must first file a claim with the life insurance company.
- A life insurance company should be notified as quickly as possible after the death of the insured person to begin the claims and payout process.
Prepare the Required Documents
The first step is to gather all of the necessary paperwork. It can be difficult to find the energy or focus to do anything after a loved one has passed away. Having your paperwork in order, on the other hand, will help speed up the process and receive your benefits sooner. Only three documents are required to claim a policy’s death benefit.
- Death certificate – A certified copy of the policyholder’s death certificate will be required by the insurer. This proof of death ensures that policies are rightfully claimed and aids in the prevention of fraud.
- Policy document – The policy document contains all of the important information about the life insurance policy such as the term, the death benefit amount, policyholder information and so on. The insurer will compare this with their records to ensure you’re claiming under the correct policy.
- Claim form – Also known as a “request for benefits,” this is where you enter information about the policyholder such as their policy number and cause of death. You will also need to specify your relationship to the policyholder and how you want to be paid once the carrier has completed processing your claim.
Get In Touch With The Insurance Company
You’ll need to contact the insurance company that issued the life insurance policy once you’ve gathered all of your documents. Being prepared ahead of time, as with so many other things, will make the process go much more smoothly and avoid delays in receiving financial assistance.
If the beneficiary or representative knows where the policyholder bought life insurance, the beneficiary or representative should contact the insurance company as soon as possible to file a claim, according to the policy.