How long does it take to process a life insurance claim?
How long does it take to process a life insurance claim?
My two siblings and I are the beneficiaries of a fairly large life insurance policy. While I feel guilty asking this question, I still would like to know an estimation as to how long it will take to receive the money.
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4 Responses
1.31.2010
Best Answer – Chosen by Voters The process to file a life insurance claim varies between companies. The law varies between states on how long a life insurance company must pay. It make take a month or two months. Some companies like to wait til the very last minute before paying, some may refuse to pay until their investigation is complete, and others pay immediately.So, generally, it may take little as 7 days or as long as 60-90 days. Source(s): http://obe231.blogspot.com/
1.31.2010
When you say "large" life insurance policy.. that could mean $500,000 or 10 million. Every insurance company is different and that could be one factor in how long it takes. Tell us what company the policy is with. The best thing to do is get back to the claims people with any information they need as quickly as possible. Source(s): http://www.insuremylife.org
1.31.2010
First, I am sorry for your loss.The claims process for an uncomplicated claim is fairly quick with many companies. Policies that have been in force for less than 2 years or where is a question as to the cause or manner of death, or other complications, can take longer.Go ahead and call the inusrance agent/company to inform them of the claim so they can get started on the processing. Meanwhile, get together the death certificate, a copy of the obituary and anything else the insurance company tells you they need and provide it as soon as possible.I've seen $1 million death claims paid in under a week, though I'd say you're likely looking at under 30 days. Good luck!
1.31.2010
If the policy was taken out more than five years ago, and death was natural causes, then it should be about 3-4 weeks of the paperwork being received by the company. If the policy is young enough to be contested, and/or there is a question that you may have been involved in the death, it can take a really long time. Source(s): agent, 21+ years