Being named as the beneficiary of someone’s life insurance policy may provide you with helpful benefits including financial support and stability. If your loved one has passed away and you are anticipating receiving benefits from his or her life insurance policy, understanding the requirements for obtaining your benefits may save you time and confusion.
Being thorough and proactive in your approach to claim your benefits may optimize the value of your benefits as you may begin utilizing them immediately.
The need for communication
Prior to your loved one’s death, he or she may have discussed the purpose and function of the life insurance policy. If these kinds of discussions take place, you may have received some direction as to how to proceed when the time comes to file a claim. When you are ready to file a claim, you will need more than a verbal testament of your eligibility. Legal proof helps to verify your identity and the validity of your claim. If your family member disclosed crucial information about how to proceed, make sure you know where to find it.
Preparing to file a claim
According to Insure.com, in order to file a claim, you will need the following information:
- A formal death certificate.
- The details of the policy and proof of your eligibility for benefits.
- Completed claims forms with all required information.
While the period of time in which you receive benefits may vary depending on your situation and the details of the life insurance policy, by law, insurers are generally required to be timely in notifying you of their action, as well as providing a payout of your benefits.