Life insurance payout-follow up (funds, pay, million, wire)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The thread I started a few months ago has disappeared for some reason.
I asked about life insurance payouts and the process, as my husband had been diagnosed with stage 4 cancer. The question was how much investigation goes happens before a payoff is made? I mentioned watching too many Lifetime movies. You all assured me very little investigating would happen, even for a $1 million dollar policy.
And you all were right. I had to provide a certified copy of his death certificate and that was all. The check arrives tomorrow.
I just wanted to follow up in case anyone else was wondering.
The thread I started a few months ago has disappeared for some reason.
I asked about life insurance payouts and the process, as my husband had been diagnosed with stage 4 cancer. The question was how much investigation goes happens before a payoff is made? I mentioned watching too many Lifetime movies. You all assured me very little investigating would happen, even for a $1 million dollar policy.
And you all were right. I had to provide a certified copy of his death certificate and that was all. The check arrives tomorrow.
I just wanted to follow up in case anyone else was wondering.
So sorry for your loss and how thoughtful to come back and give an update.
Are they really sending a paper check for a million dollars? Or doing a transfer into your account?
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,101 posts, read 7,574,408 times
Reputation: 9835
Often the depositor's bank will require signature verification, picture ID, even though the depositor is recognized by the bankers. Just an added layer to fraud protection. Of course there mandatory hold on most of the funds, until the check is cleared.
I wouldn't have it any other way.
I’m sure it’s a potential option if you pay for it but we still get million dollar checks in our office daily from retirement plans when it could easily be wired or through the ach platform. Sending a wire or ach requires knowing a decent amount more information that needs to be accurate or it fails, a check is easier from that standpoint
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
