Knowing How To Process An Insurance Claim
Improper processing of a life insurance claim will affect the amount of time that it takes for you or your family to receive the funds that you're entitled to. This can cause a bad situation as you may not be able to pay for a proper funeral or burial without this money. If you understand the process then you may not only be able to secure the money faster but you may be able to negotiate various arrangements for the payment of the money if you need to.
The life insurance company should be contacted within 24 hours of death. While this is not necessary it will help in speeding up the claim so that the funds arrive in time. If you are not sure if the person had a life insurance policy then you will have to talk to the person that's in charge of the affair and possibly other family members. In some cases no one may know if the deceased person had a life insurance policy. If this is the case then you will need to do some investigating to find out. The best way to go about this is to call all of the local life insurance companies and find out if the person had a policy with them.
After you've notified the agent that the person has passed away you will then have paperwork sent to you or that you can pick up that needs to be filled out. The beneficiary doesn't have to be the person to fill out the paperwork. However the beneficiary will need to be there to get the payment as well as to verify the claim. If any questions arise during the process of filling out the paperwork you should immediately contact the agent and get an answer so that you don't delay the funds further.
The next step is for you to collect the certificate of death. You may be able to get this directly from the funeral director. If you are unable to get it from the funeral director then you will have to go to the coroner's office to get it. The first thing you should do upon getting the death certificate is to make copies of it. You will need to send these copies out to the insurance company. Be sure to create enough copies of the death certificate in case the person had multiple life insurance plans. Each company will need to have at least one copy of the certificate. Be sure not to send out the original document to the insurance company unless they need it for a special situation. In most cases your copy will be acceptable for the insurance policy.
You will then want to ask the life insurance company how the payment is going to be made. Each policy is different. Some policies will have a lump sum payment while others will be set up to distribute the money in payments. While this may be more convenient for the company it may hurt your ability to pay for the funeral. Most funerals are held within a week of the person's passing. If the insurance company has not given the money from the plan before then you should get in contact with them and find out the status of the account. - 23211
The life insurance company should be contacted within 24 hours of death. While this is not necessary it will help in speeding up the claim so that the funds arrive in time. If you are not sure if the person had a life insurance policy then you will have to talk to the person that's in charge of the affair and possibly other family members. In some cases no one may know if the deceased person had a life insurance policy. If this is the case then you will need to do some investigating to find out. The best way to go about this is to call all of the local life insurance companies and find out if the person had a policy with them.
After you've notified the agent that the person has passed away you will then have paperwork sent to you or that you can pick up that needs to be filled out. The beneficiary doesn't have to be the person to fill out the paperwork. However the beneficiary will need to be there to get the payment as well as to verify the claim. If any questions arise during the process of filling out the paperwork you should immediately contact the agent and get an answer so that you don't delay the funds further.
The next step is for you to collect the certificate of death. You may be able to get this directly from the funeral director. If you are unable to get it from the funeral director then you will have to go to the coroner's office to get it. The first thing you should do upon getting the death certificate is to make copies of it. You will need to send these copies out to the insurance company. Be sure to create enough copies of the death certificate in case the person had multiple life insurance plans. Each company will need to have at least one copy of the certificate. Be sure not to send out the original document to the insurance company unless they need it for a special situation. In most cases your copy will be acceptable for the insurance policy.
You will then want to ask the life insurance company how the payment is going to be made. Each policy is different. Some policies will have a lump sum payment while others will be set up to distribute the money in payments. While this may be more convenient for the company it may hurt your ability to pay for the funeral. Most funerals are held within a week of the person's passing. If the insurance company has not given the money from the plan before then you should get in contact with them and find out the status of the account. - 23211
About the Author:
Graham McKenzie is the syndication coordinator a leading South African Insurance information portal, which amongst others specialises in Household Insurance .
posted by X - Men @ 2:29 AM
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