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I've searched the forum for this info and can't find anything on point.
My husband was recently diagnosed with late stage cancer. Although he is undergoing treatment and we're hopeful, I like to prepare for the worst.
He has a $1 million life insurance policy. If/when he passes, what is the process the insurance company goes through to pay the claim? While I know a $1 million policy isn't unusual, it's also not nothing. Is this a no brainer for the insurance company, as a 70+ year old many with advanced cancer frequently dies, or is there a lot of investigation that goes into paying on a policy that large?
The insurer will want to see his death certificate. For lesser amounts a copy usually works, but they may want an original official copy. Funeral homes usually provide 3-5, but you can always pay to get more. The death cert will indicate cause of death. Some may accept an emailed copy, others may require that they receive the paper (usually has a seal). Some will transfer the funds to your bank account, others will insist on writing a check.
The insurer will want to see his death certificate. For lesser amounts a copy usually works, but they may want an original official copy. Funeral homes usually provide 3-5, but you can always pay to get more. The death cert will indicate cause of death. Some may accept an emailed copy, others may require that they receive the paper (usually has a seal). Some will transfer the funds to your bank account, others will insist on writing a check.
This. IIRC, when I acted as my father's executor and submitted a claim for his life insurance they requested an official copy of his death certificate (yes, official copies will have a raised embossed seal) and an original copy of my executor's decree. His original beneficiary was deceased so I claimed it for the estate. If you are the designated beneficiary they probably only need proof of your identity. Here's hoping you won't need all this OP!
I've searched the forum for this info and can't find anything on point.
My husband was recently diagnosed with late stage cancer. Although he is undergoing treatment and we're hopeful, I like to prepare for the worst.
He has a $1 million life insurance policy. If/when he passes, what is the process the insurance company goes through to pay the claim? While I know a $1 million policy isn't unusual, it's also not nothing. Is this a no brainer for the insurance company, as a 70+ year old many with advanced cancer frequently dies, or is there a lot of investigation that goes into paying on a policy that large?
Thanks for any help you can shed on this.
Depending on the insurance co you may have to be persistent in making your claim. Be patient but diligent. You will have to provide copy of death certificate. You may need a bank account to accept the funds. You may want to consult with financial advisor for this. Be sure you don't talk to someone that wants to sell you something. Commission on the $1Mil could be considerable.
Since you will then be single you may want to consult tax attorney for best use of the funds.
Take care that this amount of money becomes a blessing & not a curse. Be very careful not to blow it.
Take care that this amount of money becomes a blessing & not a curse. Be very careful not to blow it.
Depending on your relatives/friends, you might take care in telling people how much money you’re getting. “I think I’ll be okay” is vague enough. Otherwise they might all be hitting you up for a loan.
I would write to the insurance company and tell them the status of your husband's health and ask them what their procedures are. They probably have a standard form they use and as mentioned will want a death certificate.
If you have not you probably should arrange for the funeral services including paying in advance (I think you get better pricing). I think for a lot of older individuals this is normal.
Make sure all your utility bills are in both of your names.
I would write to the insurance company and tell them the status of your husband's health and ask them what their procedures are. They probably have a standard form they use and as mentioned will want a death certificate.
If you have not you probably should arrange for the funeral services including paying in advance (I think you get better pricing). I think for a lot of older individuals this is normal.
Make sure all your utility bills are in both of your names.
I wouldn't write to the company, just call your agent.
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