What is the Process for a Business to File a Life Insurance Claim?
- Contact the insurance agent or company
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- You can either ask the agency directly or contact the insurance company
- They will provide details on how to file a life insurance claims
- Get copies of the death certificate
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- 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
- Fill out the paperwork and send it in
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- 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
- Specify how you want to be paid
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- 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
- There are a few options to receive payment:
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- Make sure you discuss your preference of payment with the insurance company
- 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:
- The person stopped paying the premium
- the person lied on the application
- the cause of death fell outside the scope of the insurance coverage.
What to do if your life insurance claim got denied
- Contact your life insurance company or agency for specific reasons of the denial and address the issues if they?re incorrect
- Contact your state?s department of insurance to get the process moving quickly
- Contact a lawyer if you have a valid claim and the insurance company still refuses to pay