Claiming Life Insurance as a Beneficiary

Most life insurance policies list a beneficiary to their policy. The beneficiary is the person to whom the policy is meant to be paid out to upon the death of the primary holder. Usually, this is not handled by the executor of the estate and can be a significant support to loved ones following a death.

How can I get a life insurance payout?

Life insurance can is essentially a contract between the person that bought the policy and the insurance company that issued it. This contract allows the policy holder to make regular payments to the company so that they will provide a lump-sum payment to a specific individual upon their death. Since this is a personal contract, life insurance does not go through the probate process and is not handled by the executor of the estate. Therefore, beneficiaries are responsible for claiming their payout from insurance companies.

Before filing a claim for life insurance, it would be helpful to find out:

• The types of polices that the deceased had
• The total payout agreed upon
• Insurance that needs to be paid off
• Beneficiaries named on the life insurance
• Relevant policies in place at the time of death

Once these have been addressed, contacting the life insurance company is the first step. Oftentimes, proof of death must be provided before the company will begin issuing payments. By additionally proving their identity and granting relevant information, the payments can begin.

When more than one person has been named a beneficiary, all parties will have to submit forms claiming the policy. If you or a loved one are having difficulty accessing a life insurance plan you were named a beneficiary on, you may need to retain the services of a professional to get what you are entitled to. Check out the directory to find a probate attorney in your area to help!