If you have found yourself in the unfortunate position of needing to file a life insurance claim, Just Protect Insurance can help. We understand how difficult this time is and how stressful it can become when you aren’t sure if you’ll have enough money to pay for funeral costs and your future. We have created this guide to help you understand how to claim on a life insurance policy.
Contact Your Insurance Provider
Contact your life insurance provider to determine if you are a beneficiary of a life insurance policy and how to file a claim. Most insurance companies have a toll-free number to call to start the process, while some have secured online portals. If you do have an agent you have worked with directly, contact them first to speed up the claim process.
What Do You Need to File a Life Insurance Claim?
To submit the claim for life insurance, you must obtain a certified copy of the death certificate from the funeral director. Death certificates need to be used for several things, such as canceling subscriptions and closing accounts. We recommend obtaining at least ten copies of the death certificate for the various things you will need to do.
Fill Out the Life Insurance Form
Another thing you need to do is fill out the life insurance claim form. Carefully review the form and make sure all the information you input matches names and information on the life insurance policy. If you make a mistake, you may need to start over! There is a section on the form that discusses how you would like to receive the funds.
Life insurance claims can be paid as a lump sum or as installments over time. You will need to have a complete listing of all bills and debts that need to be paid to determine the best payment method. If there is a large death benefit policy, speak with a financial advisor to invest the money to keep growing the funds to pay for future expenses. One thing to remember is that you will need to pay taxes on any interest the money earns over time.
When Will Life Insurance Be Paid
It usually can take at least 30 days for the insurance company to approve the claim and then release the funds. The timeframe all depends on how the policy is written and if there are concerns related to the paperwork. If the life insurance claim is denied, you will need to contact the insurance company and start the process again. Usually, there is something wrong with the form, such as inputting a different address. If the insurance company is challenging to work with, contact an attorney to handle the claims process and move the insurance company forward with the state’s department of insurance.
Life insurance is the best gift you can give your family in the event of your death. We recommend using our simple life insurance comparison tool to find the best plans and rates for your circumstances.