{"id":3857,"date":"2020-09-22T12:44:55","date_gmt":"2020-09-22T17:44:55","guid":{"rendered":"https:\/\/lions.financial\/?p=3857"},"modified":"2022-11-29T16:40:15","modified_gmt":"2022-11-29T21:40:15","slug":"process-for-a-business-to-file-a-life-insurance-claim","status":"publish","type":"post","link":"https:\/\/lions.financial\/hi\/process-for-a-business-to-file-a-life-insurance-claim\/","title":{"rendered":"Process for a Business to File a Life Insurance Claim"},"content":{"rendered":"

What is the Process for a Business to File a Life Insurance Claim?<\/strong><\/p>\n

    \n
  1. Contact the insurance agent or company<\/li>\n<\/ol>\n
      \n
    • \n
        \n
      • You can either ask the agency directly or contact the insurance company<\/li>\n
      • They will provide details on how to file a life insurance claims<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
          \n
        1. Get copies of the death certificate<\/li>\n<\/ol>\n
            \n
          • \n
              \n
            • You can get certified copies of the death certificate from the funeral director<\/li>\n
            • Get at least 10 copies for turning off services and closing accounts<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
                \n
              1. Fill out the paperwork and send it in<\/li>\n<\/ol>\n
                  \n
                • \n
                    \n
                  • You can find the required paperwork form on the insurance company website or through contacting the agency<\/li>\n
                  • You may be required to mail in the paperwork and copy of the death certificate<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
                      \n
                    1. Specify how you want to be paid<\/li>\n<\/ol>\n
                        \n
                      • \n
                          \n
                        • There are a few options to receive payment:\n
                            \n
                          1. Lump-sum: you receive the money all at once<\/li>\n
                          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<\/li>\n
                          3. Life income option: you receive a guaranteed income for life<\/li>\n
                          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<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
                              \n
                            • <\/li>\n<\/ul>\n
                                \n
                              • \n
                                  \n
                                • Make sure you discuss your preference of payment with the insurance company<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
                                    \n
                                  1. Wait for the money to be delivered\n
                                      \n
                                    • This can take from one or two weeks up to 30 days depending on the company<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n

                                      Why you got denied:<\/strong><\/p>\n

                                        \n
                                      1. The person stopped paying the premium<\/li>\n
                                      2. the person lied on the application<\/li>\n
                                      3. the cause of death fell outside the scope of the insurance coverage.<\/li>\n<\/ol>\n

                                        What to do if your life insurance claim got denied<\/strong><\/p>\n

                                          \n
                                        1. Contact your life insurance company or agency for specific reasons of the denial and address the issues if they\u2019re incorrect<\/li>\n
                                        2. Contact your state\u2019s department of insurance to get the process moving quickly<\/li>\n
                                        3. Contact a lawyer if you have a valid claim and the insurance company still refuses to pay<\/li>\n<\/ol>","protected":false},"excerpt":{"rendered":"

                                          What is the Process for a Business to File a Life Insurance Claim? Contact the insurance agent or company You can either ask the agency 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