After the death of a loved one there are many things to tend to. One that most people don’t look forward to is dealing with financial matters. The funeral costs need to be addressed as do any outstanding bills that the deceased may have had.
For the survivors they may need some guidance when it comes to filing the life insurance policy claim. Not everyone discusses the details of what happens after death with their spouse or partner. Therefore not everyone knows where the important financial documents are kept. If you do know where the life insurance policy is it can make the process much easier.
If you don’t have access to it, you can still find out the details by contacting the insurance company. They will be able to put you in touch with the agent who handled the sale of the policy. He or she will be most helpful as they have first hand knowledge of what the policy covers.
The agent will also be able to arrange a time for you to meet with them. This is an important part of the process as they can help you to fill out all the forms that you are required to submit the claim for the life insurance. Although you can do this yourself it’s wise to have the agent assist you as even a small mistake can cause a delay in payment.
Before you submit the forms you’ll need to obtain a copy of the death certificate. This is necessary as it is proof that the person died. Depending on the cause of death the insurance company may also require additional documentation including an autopsy report. If the death is suspicious or the insurance company suspects that suicide is involved, depending on the policy, they may launch their own investigation.
Any documents that you send in to the insurance company will most likely need to be either originals or notarized copies. This is due to the fact that the company needs to be certain that the person in question really has passed away and from the cause specified.
Once you have sent in the required documentation you will have to wait. In many cases the insurance company will simply authorize payment and the beneficiary will be issued their payment. If there are any questions regarding the documents the insurance company will request more information before authorizing the claim.
If someone close to you has passed and you are unsure about whether or not they did indeed have a life insurance policy you can investigate this yourself. Often a life insurance policy will turn up while going through a person’s personal belongings.
Many people also have a job where they are entitled to an employee life insurance policy. If you suspect this to be the case simply inquire with their former employer after their death. They will be able to provide you with all of the applicable details.
Marty Weishaar is a respected insurance industry analyst and advisor who helped create one of the life insurance industry's first ELearning Centers at Efinancial.com. The Efinancial Learning Center contains hundreds of helpful articles and calculators to educate today's insurance shopper and help them make the best decisions for the financial health and future of their family.
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