How To Make A Life Insurance Claim
June 9, 2020 by Ed Leefeldt
There might be a time in your life when someone you know pulls you aside at a family gathering and says that you’re the designated beneficiary of their life insurance policy.
This situation has many—almost infinite—variations. It might happen on a phone call, in a letter or even in a text. But if, and when, it happens, there’s something you should do: Ask for the paperwork.
Life is sometimes mired in paperwork, and so is insurance. When the dreaded moment arrives and the person has passed away, making the life insurance claim should be the easiest thing you have to do. And it can be, if you have the paperwork.
The life insurance claim process should start while the policyholder is still alive. Where are they keeping the insurance policy and is it in a safe place? It could be tucked away in a cardboard box in a closet or stored on their computer. If it’s in a safe deposit box, do you have proper access to it? Even having power of attorney may not be enough because the bank will likely freeze the account until the will is executed.