usually an after-thought following the
passing away of a loved one, but at some
point after the dust settles, the
beneficiary needs to look at
filing the life insurance policy claim.
Let's look at what's involved and how we
can help your licensed life insurance
hope you never have to file such a
purchased the term
life policy to address the
probability but deep down, you hoped
that was just being responsible.
The only silver lining in the whole mess
is that you actually did the right thing
and you and/or your family will not have
the financial hardship that results from
the premature passing of a family member
that you were dependent on financially.
Term life insurance was the tool you
used to protect from such a scenario.
First, contact us as you licensed
agent. We can help
guide you through the process just as we
did when you were choosing your life
policy to begin with. Most people
underestimate the hit to the stomach
they take when a loved one passes away.
All of a sudden, simple tasks become
overwhelming. Let us help!
That's what we're here for. We are
not the kind of agency that just sells
policies and disappears. We're
here for the duration...the life of the
policy and although we hope you never
need to make the call, we are here to
help if you do.
first step is to notify the
company. This is
required to initiate the life insurance
claims process. We will need to
provide the proof of the claims which is
almost always the death certificate.
It also makes sense to have the most
recent copy of the life insurance policy
handy to make sure beneficiaries are
correctly listed or double-check how the
settlement option will occur.
the person passes away within 2 years of
the policies effective date, the carrier
may be able to
rescind the life
policy if there is fraud or
misrepresentation involved during the
application process. This is
called the Contestability Clause.
In our article on insurance rescission,
we strongly recommend full and complete
disclosure to avoid this from happening.
There can also be a 2 year Suicide
Clause so the cause of death may be
pertinent during the first 2 years of
States have laws to protect the consumer
against unfair claims practices such as
delaying claims payment, not providing
claims forms, attempting to settle
claims for a lower amount than is
expected, or in general, for practices
that elicit a disproportionate number of
complaints. We try to stay with
strong carriers that have a good
reputation on the claims side.
Otherwise, why have the coverage to
begin with. The last thing you
want to deal with after losing a loved
one is to fight a life insurance company
to pay a valid claim.
carrier is a little different but the
key is that we are here to help with the
paperwork and process involved in
submitting a claim for life insurance.