|
|
|
How do I file a life insurance claim?
To begin the claims
process:
- Get several copies of the death
certificate.
- Call your insurance agent. He or
she can help you fill out the necessary forms and act as an
intermediary with the insurance company. (Don’t keep life insurance
policies in your safe deposit box. In most states, safe deposit boxes
are sealed temporarily upon the death of the owner, which can delay the
settlement. ) If you don’t have an insurance agent, or don’t know who
the deceased's agent was, contact the company directly.
- Submit a certified copy of the
death certificate from the funeral director with the policy claim. Once
the claim is submitted, a settlement should be issued to you shortly.
Once a life insurance claim is submitted, you must determine how the
proceeds will be distributed. These are some of the options available:
- Lump sum -- You receive
the entire death benefit in a single amount.
- Specific income provision --
The company pays you both principal and interest on a predetermined
schedule.
- Life income option --
You receive a guaranteed income for life. The amount of income depends
on the death benefit, your gender and your age at the time of the
insured's death.
- Interest income option --
The company holds the proceeds and pays you interest on them. The death
benefit remains intact and goes to a secondary beneficiary upon your
death.
|
© Insurance Information Institute, Inc. - ALL
RIGHTS RESERVED -
<< If I can't pay my premium, what
should I do?
|
|
|
|
|
