Around 54 percent of Americans have some kind of life insurance.
If you are one of these Americans, a point will come when you have to file a life insurance claim. Perhaps, it already has, in which case, we’re very sorry for your loss. We hope that once you’re in a better place, you’ll be able to use this information to comfortably get through this difficult process.
Now, before you take any of the four steps we’ve outlined below, you must ensure one thing.
Are You a Beneficiary?
A beneficiary is someone who is entitled to receive the benefits of a life insurance claim. Ideally, these things must be discussed early on, to prevent any debates post-death. Getting legal help from firms like Lees & Lees is a good way to ensure that your wills, estate distribution plans, and other post-death matters are taken of.
Only beneficiaries can file a claim, so you have to have reason to believe that you are before you file a claim.
Step 1: Evidence of a Death
Once you’re ready to file your insurance claim, you need to prove that the deceased is dead. To do this you must procure a death certificate from the funeral home, a cremation agency, or whoever is in charge of handling the final remains of the deceased. This will serve as confirmation of death to the insurance company.
Step 2: Collecting Other Documents
Next, it’s time to collect other important documents that will support your claim. This includes any copies of any policy documents you have with you and a claim form or a “request for benefits” form.
Keep in mind that the life insurance claim process may vary from company to company. That’s why it will help to contact your insurance agent and ask them if they require any additional proof or information from you, as a part of your application. This speeds up the process.
Step 3: Submit Your Claim to the Insurance Company
Once you’ve got all your documents together, you can submit your claim to the insurance company. Be sure to specify how you want to receive your benefits.
Some companies even offer you the option of choosing between a lump sum or annuity payments.
Step 4: Waiting Through the Process
During this time the insurance company will begin the verification process of your claim. This includes checking whether you are who you say you are and whether you’re listed as a beneficiary. They will also have to verify whether or not the policy is still active.
If it all checks out, you will receive approval and your benefits soon!
What to Do if Your Life Insurance Claim Is Denied
In case of rejection of your life insurance claim, get in touch with your insurance company immediately. If you do not find their reasons for declining your claim to be fair, it’s time to hire a lawyer to help you get the benefits you deserve.
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