Life insurance is a policy an individual has with an insurance company. Generally, the insurance company pays a lump sum amount upon the death of the covered person. There are exceptions. Some policies will pay out when the covered person has a terminal illness and has a limited amount of time to live. In some cases, the insurance payment goes through probate because the estate has been named as the beneficiary. In this situation, the insurance payment becomes part of the estate and is divided among heirs accordingly. But it is useful to know how to collect life insurance when you are the beneficiary and the policyholder dies.
Step 1
Locate the insurance policy or identify the company that issued the policy. The best scenario is to locate the policy, which will have the name of the issuing company on it. If the policy can't be located, a search through the diseased person's papers or bills might help identifying the company.
Step 2
Contact the insurance company and request a claim form. Many insurance companies have help lines to assist with providing the proper forms.
Step 3
Obtain a death certificate. This will be required when submitting the claim form. Check with the county records office or health department. Other documentation might be required when submitting the form, depending on the policy and the circumstances of death.
Step 4
Get a statement from a physician if attempting to collect on the policy while the covered person is still alive but has a terminal illness. The physician statement will need to identify the illness and the expected lifespan. Contact the insurance company and ask if additional details are required in this situation.
Step 5
Send the completed insurance claim form and death certificate or physician statement to the insurance company.
Step 6
Follow up by calling the insurance company and asking for the status of the claim. Continue calling to check for any problems with processing the claim until payment is made.
Tips and Warnings
- Be pleasant but firm when calling insurance companies. Get the information you need by being persistent.
- If there are suspicious circumstances with the death of the covered person, the insurance company might investigate the death.
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