How Do I File a Life Insurance Claim?

Life insurance is designed to help people left behind pay the expense of passing a loved one. Yet the last thing you, the beneficiary, want to do when someone passes on is think over filing a claim and collecting a life insurance policy.That's why we've put together all the details to help you quickly file a claim. But if you want  to, feel free to call the insurance provider for any extra support you will need in the filing period.

How To File a Life Insurance Claim?

When an individual with a life insurance policy called a life assured dies, the claim intimation should be submitted to the insurance provider as soon as possible. The assignee or nominee may do this under the policy. Any close relative or agent who oversees the policy can also do the deed.The intimation statements should include details such as the date, location and cause of death. The insurance agent has the responsibility to support the relatives of the life assured or the assignee to negotiate with the insurance provider in order to conform with the formalities regarding the claim.

Documents Required For Making A Life Insurance Claim

The insurance provider will respond to this intimation and inquire for the following documents:

• Filled-up Claim Form (provided by the insurance company)
• Death Certificate
• Policy paper 
• Deeds of assignment/ reassignment if any
• Legal proof of title if the policy is not delegated or nominated
• Form of discharge carried out and witnesses

Such records such as the medical officer's certificate, the ambulance certificate, the employer's certificate, the police inquiry report, the post-mortem report, etc. can be required, as appropriate. The requirement of these records depends on the cause of death.

Steps for Filling a Life Insurance Claim

To help you get through this time, we've put together the following steps to get you to a quicker finish line.

Step 1: Please call the insurance provider.They will help you through the entire process.

Step 2: Submit a copy of your death certificate. You can get this from the funeral director.

Send the death certificate to the life insurance provider so that the claims process could begin.

Step 3: After completion of the verification process, the insurer will provide you with the death benefit.

How Are Life Insurance Claims Paid?

When you, the beneficiary, make a claim, you will have the option to pick how you expect the life benefit to be paid out. The options would rely on life insurance plans, but some of the most popular choices are:

• Lump-sum payment: You will get the full payout in one payment.
• Specific income: You will receive a regular flow of scheduled payouts at pre-decided intervals.
• Life Revenue: You can receive a monthly allowance based on the death benefit and life expectancy.
• Life income for a specified duration: You may make a payout of a fixed sum over a guaranteed period of time.
• Joint and final survivor's income: If you have bought a mutual life insurance policy and have a living partner, you will receive a guaranteed payment per month before you die. There is also an alternative where you can send a portion to a third party beneficiary.

Takeaway

Life insurance is the last claim that someone ever has to file. Luckily, this is one of the simplest claims to file. If you undertake these quick steps and use the knowledge and help of your insurance provider, you're going to have one less thing to think about when the time arrives to receive a policy.

Also Read 

Why Is It Important To Have Life Insurance?

How to Make Life Insurance Claims Online?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.