1. Contact the insurance agent or company
- You can either ask the agency directly or contact the insurance company
- They will provide details on how to file a life insurance claims
2. Get copies of the death certificate
- You can get certified copies of the death certificate from the funeral director
- Get at least 10 copies for turning off services and closing accounts
3. Fill out the paperwork and send it in
- You can find the required paperwork form on the insurance company?s website or by contacting the agency
- You may be required to mail in the paperwork and a copy of the death certificate
4. Specify how you want to be paid
- There are a few options to receive payment:
- Lump-sum: you receive the money all at once
- Specific income provision: receive the principle on a set schedule over a period of time, you will also receive interests on the amount, but will also have to pay tax on interests
- Life income option: you receive a guaranteed income for life
- Interest income option: you only receive the interests on the principal, and the life insurance policy remains active and goes to a secondary beneficiary upon your death
- Make sure you discuss your preference for payment with the insurance company