Life insurance exists to protect the financial well-being of the policy's named beneficiaries after the policyholder passes away. For example, a life insurance policy can provide a recently widowed spouse with the money to offset the deceased spouse's lost present and future income, allowing the surviving spouse to pay off all of the couple's debts. Receiving payment on a life insurance policy is relatively quick process that you can complete by providing the insurance company with just a few items of general information.
Step 1
Obtain a certified copy of the decedent's death certificate from the clerk of court in the county in which he lived at the time of his death. Insurance companies require that a person filing a clam provide at least one certified copy bearing the seal of the appropriate clerk of court. Most clerks of court charge a small fee for each certified copy; contact your local clerk's office for the amount of the applicable fee.
Step 2
Locate a copy of the policy against which you are filing a claim. The policy contains vital information that will make your claim go faster, such as the insurance company's name, the contact number for the company's claims department, the policy number and the amount of the policy.
Step 3
File a claim with the insurance company that issued the life insurance policy. Call the company's claims department, inform the claims associate about the policyholder's death and provide all required information, including the certified copy of the death certificate and any information required to identify you as a beneficiary of the policy.
Step 4
Select the payout option that works best for you; the associate handling your claim will explain all available payout options. The most common options are a lump sum and annuity disbursements. Each payout option presents different tax and income results that can vary based upon your unique situation, so if you are not sure which option is best for you or do not understand any of the information given to you, ask the associate for clarification or contact an accountant, a financial advisor or an attorney specializing in insurance law.
Step 5
Provide the claims associate with your bank account information. The insurance company will deposit money from the policy into your account on a mutually agreed date or at specified intervals, depending on whether you chose a lump sum or annuity as your payout option. If you prefer, the company will mail your payments by check.
Things You'll Need
- Life insurance policy
- Certified copy of death certificate
- Checking or savings account
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