How to make life insurance claim?
How to make life insurance claim?
My grandmother just recently passed away I believe she had life insurance with aig assurance. I am the beneficiary. How do I claim her insurance policy?
Also I should add, can I still get her policy if she didn't pay a few monthly premiums, or do I have to pay the missed payments.
Also I should add, can I still get her policy if she didn't pay a few monthly premiums, or do I have to pay the missed payments.
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6 Responses
1.31.2010
Best Answer – Chosen by Voters My condolences for the loss of your grandmother.If the policy was a term policy, and if she missed several monthly payments, the policy has lapsed, and is no good.Assuming she had the policy for several years, if the policy was a whole life and she missed some payments, it would have converted to extended term. Or it could have gone on automatic premium loan, if that option was selected on the application.Automatic premium loan pays the premium by borrowing from the loan value of the policy. This feature is good in the case of an insured is laid off from work, or sick and temporarily can't pay the premium payments. Term insurance does not have this option.If it was a guaranteed acceptance policy, it would have converted to a reduced paid up policy.You won't have to pay the back premiums.Call the insurance company and ask them to send you a claim form, or to send an agent out to help you with the claim. Source(s): Retired agent, 30 yrs.
1.31.2010
The first step should always be a phone call to your insurance agent to find out exactly what paperwork you’ll need to complete to make a claim. Alternatively, contact the employer of the deceased if the insurance policy was obtained through an employee benefits package.If you’re not entirely sure what type of life insurance the deceased had, or cannot find out which company they had insurance with, then try looking at their credit card and bank statements to see if you can locate any payments made to insurance companies. Once you know the name of the company the policy was with, a quick phone call to the company will locate the policy. If you really get stuck, then try contacting your state insurance department.You’ll also need a copy of the death certificate (it must be either an original copy or a certified copy), and as the beneficiary you will need to supply proof of your identity as well. If the policy-holder was an ex-partner and you are the beneficiary, you may also need to supply an original or certified copy of your marriage certificate.When you have these documents and you know which insurance company you must deal with, you can file a claim. This is quite a simple process. Obtain “proof of death” forms (one for each adult beneficiary) from the insurance agent, then complete these and submit them to the insurance company along with the death certificate. The agent can help with filling in the forms if necessary. Adult beneficiaries will also have to fill out other forms relating to IRS income-declaring requirements.Once these forms are completed and submitted, the processing stage will get underway. This typically happens very quickly—claims are usually processed and paid out within five business days. During this time the insurance company reviews the claim and confirms that all the requirements of the claim are met. Any delay in this process is usually due to a lack of paperwork (for example if the death certificate is an un-certified copy).At the time you file the claim, you’ll also find out whether or not the deceased had a designated payment plan. Some plans will allow you to choose a payment plan, too. While life insurance claims are typically paid as a lump sum, payments can also be made over time according to a set schedule. This option is typically reserved for children who are too young to manage possessing a large amount of money. Note that lump sum payments are preferred by most adult beneficiaries because this money is not taxable income. Source(s): http://www.compuquotes.com/how-make-life…
1.31.2010
You will need the "policy" number on the original contract. Then you will have to contact the company and make your claim. It should be fine that your grandmother missed a few premium payments- assuming of course that the policy didn't lapse in the meantime. I do not think they will make you pay the missed payments, however, they make deduct this amount from the pay-out. Source(s): Used to work with life insurance.
1.31.2010
you need to find her policy first and then contact the agent or the company and then ask them some of the questions you asked above. but the most important thing is the policy itself because you will need the policy number.
1.31.2010
How do you know you are the beneficiary if you just "believe" she had life insurance?Her personal records would contain information on any life insurance policies.
1.31.2010
pls refer to this site to explain everything..http://life-insurance0909.blogspot.com/