66% of Americans don’t have a good understanding of how to collect a life insurance payout – don’t be one of them. There are several very important steps that you can take a beneficiary to ensure your death claim is paid as soon as possible – here’s how to do it.
1. Have the Death Certificate Ready
All life insurance companies require a death certificate as proof that the insured person is deceased. Most companies ask that you provide the original death certificate rather than a copy, but this will be returned to you as soon as the claim is process. To speed up the processing of your claim, it is advised to order multiple copies of the death certificate so you can provide an original copy to each life insurance company.
2. Contact Your Life Insurance Company Immediately
We know how emotional and challenging the time immediately following a death can be. Whilst dealing with the emotional turmoil caused by losing a loved one, you must also deal with the practicalities such as funeral arrangements and contacting life insurance companies. We try to make this as easy as possible for you by providing multiple options for contacting us.
- You can call us directly using our 1-800 number for service, which is listed both on our website and in your policy documents. Our service line operatives will direct you to a claim-specific specialist. However, if you have a number for our claims department you can contact them directly with no problem. Your contact will send each beneficiary the claim form directly, talk you through the requirements for your claim and provide you with a mailing address to send all your documents to. The can also walk you through the entire claims process if necessary, so you know what you can expect at each step.
- You can call your agent, who will notify Best Insurance Specialist directly and facilitate the claims process you don’t have to. You will, however, still need to complete the claims paperwork whether an agent is involved or not, as United States law dictates only beneficiaries can sign the claims paperwork. It is still necessary for the complete set of claim requirements to be sent to us.
However, we advise that you notify both you agent and Best Insurance Specialist yourself, and inform your insurance company that your agent will help you handle the claim. The fastest way for the beneficiary to obtain the claims paperwork is to have the company send it directly to them, however, if you need help filling it out, then your agent will be resource for this. We suggest that you notify both you agent and your life insurance as soon as possible to prevent any delays.
3. Make Sure That You Have All Requirements the First Time
When you have received and completed your claims paperwork, ensure that all the supporting documentation is attached. This typically includes the claim form, the original death certificate and the original policy. However, if you do not have a copy of the later, we will try our best work with you around this problem, and are still legally required to pay out on all valid claims.
4. Your life insurance company will notify well in advance if they have any other requirements regarding the claim. This can occur, for example, if any beneficiaries are no longer living: they may require a copy of a death certificate of the deceased beneficiaries. If not previously arranged, they will require instructions as to how the claim is to be paid: in one lump sum or an annuity, and if the claim is a homicide, as police report may be required. But whatever the requirements are, it is your responsibility to have all the required documents in check before you submit your claim paperwork to ensure that your claim can be processed as quickly as possible.
However, it is important for beneficiaries to have patience during the claims process as it is of the upmost importance for each claim for be processed as carefully as possible which can mean that not all claims are handled immediately. At Best Insurance Specialist, we always ensure that each claim is valid, and we are not processing fraudulent claims. If we pay out on a fraudulent claim, it will be at the disadvantage of all policyholders. We like to ensure that our clients are not put in a position that could cost them extra, so claims may take time to be paid due to our careful screening process.