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Process for a Business to File a Life Insurance Claim

What is the Process for a Business to File a Life Insurance Claim?

  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
  1. 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
  1. Fill out the paperwork and send it in
    • You can find the required paperwork form on the insurance company website or through contacting the agency
    • You may be required to mail in the paperwork and copy of the death certificate
  1. Specify how you want to be paid
    • There are a few options to receive payment:
      1. Lump-sum: you receive the money all at once
      2. 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
      3. Life income option: you receive a guaranteed income for life
      4. 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 of payment with the insurance company
  1. Wait for the money to be delivered
    • This can take from one or two weeks up to 30 days depending on the company

Why you got denied:

  1. The person stopped paying the premium
  2. the person lied on the application
  3. the cause of death fell outside the scope of the insurance coverage.

What to do if your life insurance claim got denied

  1. Contact your life insurance company or agency for specific reasons of the denial and address the issues if they’re incorrect
  2. Contact your state’s department of insurance to get the process moving quickly
  3. Contact a lawyer if you have a valid claim and the insurance company still refuses to pay

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LIons Financial

Ariel Tavor

Principal

Ariel Tavor is the Founder and Principal Managing Director of Lions Financial. His agenda for Lions Financial is to provide his clients a service that maintains the highest professional value. Specializing in the Business-to-Business market has allowed proficient expertise in providing ongoing consulting services in the focus areas of business advisory, capital markets, and risk management. Ariel works with CEO’s, Capital Investment funds, and Boards of Directors where he advises his clients in matters of Executive compensation, Business Plan Design, Mergers & Acquisitions, Due Diligence, and Asset Financing.

Ariel has 10 years of experience in the financial services industry. He has worked in insurance and investment companies to analyze client’s financial and make suggestions on allocations based on defined objectives as well as maintaining long term relationships. Ariel’s comprehensive experience has allowed him to work closely with CEOs of companies and their executive teams from diverse industries such as trucking, hospitality, commercial real estate, Insurance, manufacturing, and technology. He has helped lead companies through the challenging decisions around – Buy-Sell Agreements, Deferred Compensation, Employee Group Benefits, Succession Planning, Mergers and Acquisitions, Valuations, and Business Sales.

Ariel currently oversees their family office investment group and sits on the Board of Directors of several companies and real estate developments. Their Investment group controls a portfolio of companies in multiple industries. They collaboratively have holdings in companies specialized in – Automotive Distribution- Real Estate Asset Management- Corporate Travel- Ink Mailing Manufacturing, E-Commerce, Financial Services, Management Consulting, Enterprise Technology, and Food Concepts. In recent years there has been a transition into fund allocation towards limited partnership investments in Venture Capital, Private Equity, and REITS within individual underwriting opportunities.

TOP 40 UNDER 40

Leadership Recognition

Ariel Tavor is the founder and principal managing director of Lions Assurance Financial. His agenda for Lions Assurance Financial is to provide his clients a service that maintains the highest professional value. Specializing in the business-to-business market has allowed proficient expertise in providing ongoing consulting services in the focus areas of business advisory, capital markets, and risk management.

TOP 100 PEOPLE IN FINANCE

Industry Recognition

Lions Assurance Financial is a highly successful, independent business consulting and wealth management advisory firm that focuses on three key areas of the financial industry: business advisory, capital markets, and risk management. The experienced team at Lions Assurance Financial focuses on serving the business and wealth management needs of privately owned business generating 3-50 million in revenue including independent business owners, family owned businesses, and business partners. Lions Assurance Financial works with capital providers including investment banks, private equity firms, venture capital firms, capital advisory firms, accredited investor platforms, commercial banks, and speciality finance firms.​

Exeleon

Leadership & Business Feature

What is the fundamental difference between a buoyant company and a not-so-good one, when all the factors are the same?
The reply is simple- expeditious actions. It is the outcome of the ability to form an idea about the situation, find a perfect response,
and then act accordingly. And all that, without an iota of hesitation. Companies that belong to the second group are known to lack this decisiveness, which sprouts from an absence of clarity in vision or rather the faculty of processing the steps mentioned above.​

The Silicon Review

50 Smartest Companies of the Year

An effective risk management consultant will help individuals and organizations evaluate their risks and develop a plan to counter their losses. Risk management is a complex process, and there is no one-size-fits-all process that all consultants can use. However, there are certain conventional methods that a consultant will use to help you protect your organization from risk. A risk management consultant should be capable of identifying the unique risk that your business is exposed to and carefully evaluating the scenarios. One of the most critical steps in the risk management step is to discover and list all the expected and unexpected risks. There are various advisory firms that can help you mitigate risk and take care of your business’s financial aspect, but one firm that stands out from the rest is Lions Financial. The company is an independent financial services & business advisory firm based in New York. In conversation with Ariel Tavor, Managing Director of Lions Financial. Lions Assurance Financial is a highly successful, independent business consulting and wealth management advisory firm that focuses on three key areas of the financial industry: business advisory, capital markets, and risk management. The experienced team at Lions Assurance Financial focuses on serving the business and wealth management needs of privately owned business generating 3-50 million in revenue including independent business owners, family-owned businesses and business partners. Lions Assurance Financial works with capital providers including investment banks, private equity firms, venture capital firms, capital advisory firms, accredited investor platforms, commercial banks, and specialty finance firms.