Death is an inevitable reality of life that completely transforms your life, especially when your loved one passes away. The thought of someone close to you dying can literally give you shudders and appear as a nightmarish dream. This unpleasant dream may however, even turn into a bitter reality. Life, unlike what we presume, is unpredictable.
Death is one such unpredictable reality in today’s world. No financial plan is complete without a good life insurance. Life insurance is an imperative step taken towards risk management. Often people end up insuring themselves and completely overlook the death claim, which is the most vital claim.
What is the death claim?
In the event of sudden death or accidental killing of an insurer, the insurance company provides the beneficiaries with the rightful compensations. The money that you finally receive can be used for funeral expenses or to pay off pending debts or mortgages.
You need to remember the following points in mind before you apply for the death claim:
- Nominee- You can claim the amount only if you are the stated beneficiary of the death claim. The entire death claim is only given to the rightful nominee of the life insurance death claim.
- Policy- Re-consider the policy and check its details. You need to know what kind of policy the insurer took. Some insurance policies and death claims depend on the type of insurance policy, and nature of death of the insurer. There are medical and non-medical life insurance policies, which have different advantages and death claims.
How to claim the insurance amount?
Once you’ve read the terms and conditions, you need to follow some of the following steps to claim life insurance money after the death of the insurer:
- Death certificate- Once your loved one has passed away, you must request a death certificate. It may take a few weeks to have the death certificate made.
- Intimation- Check the insurance policy and note down the policy number. Call up the customer service of the required insurance company and inform the concerned individual about the demise of your loved one. Make sure you tell the representative that you are the beneficiary, after which they shall verify some personal details for confirmation.
- The representative is most likely to have you visit them with the death certificate or have the certificate mailed right away.
- In case the company needs further information or clarifications, they are most likely to call you up and ask for more details.
- After the confirmation, you are most likely to receive the requisite amount of money within a few weeks.
You can always reduce the hassles and evade further procrastination by carrying these documents with you:
- Death certificate
- Original Policy Bond- It may be either the death claim or the accidental death claim. The policy may have been issued either after a medical exam or simply no medical exam.
- Claim forms issued by the insurer
- Medical report stating the cause of death
- Complete death claim/accidental death claim form
- Official documentation and proof of identity of the beneficiary’s status and relationship with the deceased.
Disclaimer: This post is a guest post, The content and images both are provided by the author of this article.