How to Claim Death Insurance?

Death insurance offers financial relief during tough times. Knowing the steps and required documents when filing a claim ensures a smooth, timely process.

What is a death claim?

A death claim is a formal request made to an insurance company to release the benefits of a life insurance policy following the policyholder's death.

Who can claim the death benefit?

The death benefit from a life insurance policy goes to the beneficiary (or beneficiaries) chosen by the policyholder.

These beneficiaries can be anyone the policyholder designates, including close relatives, charities they support or even businesses.

How to claim life insurance in case of death?

The following steps will help you stay organised while putting in a claim for death benefit:

Gather documents: Find the original copy of the life insurance policy and the deceased's death certificate.
Notify the insurance company: Inform the insurance company about the policyholder's death by phone, email, or by visiting your nearest branch.
Obtain the claim form: The insurance company will provide a death claim form, which may be available online or by mail.
Fill out the claim form: Complete the claim form accurately, with details about the policyholder and beneficiaries.
Submit the claim: File the completed claim form, policy document, and death certificate with the insurer.
Potential investigation: The insurer may investigate the death, especially in cases of suicide or criminal acts, to ensure the claim is valid and covered under the policy.
Receive payment: Upon approval, the beneficiary(ies) will receive the death benefit payout.

Documents required for a death claim

The following documents are necessary to claim a death benefit:

Certified death certificate: This confirms the policyholder's death and is obtainable from a funeral home, medical professional, or vital records office.
Policy document: This document includes the policy number, death benefit amount, and beneficiary details. It can be obtained from the deceased's wealth planneror insurance company.
Claim form: This form requires details about the policyholder, policy number, cause of death, beneficiary relationship, and preferred payment method.

When will the death benefits be paid out?

If the policy is active and the documents are complete, death benefits are usually paid out within a few days to 60 days after a claim is filed. Based on policy terms, payouts can be received as a lump sum or an annuity.

Delays in payouts

Delays can occur due to incomplete documentation, policy investigations, beneficiary disputes, or specific causes of death.

If there is a delay in payouts, it's crucial to contact the insurance company promptly. Understand the reason for the delay and provide any required documentation or information will help expedite the process.

Keep communication open and follow up regularly to ensure a smooth process.

Conclusion

Ensure your family is protected and secure their financial future by investing in a life insurance policy today.