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Spinoff Thread: Does Anyone Know Someone who Collected Life Insurance?
Posted on 1/30/15 at 9:34 am
Posted on 1/30/15 at 9:34 am
Despite having a ton of life insurance, I've never actually known anyone to benefit from it.
It could all be a conspiracy for all I know
But, seriously, if you know anyone who collected...
1.) How did it work?
2.) Were there any unexpected surprises?
3.) Was the process difficult?
4.) How long did it take to receive $?
It could all be a conspiracy for all I know
But, seriously, if you know anyone who collected...
1.) How did it work?
2.) Were there any unexpected surprises?
3.) Was the process difficult?
4.) How long did it take to receive $?
This post was edited on 1/30/15 at 9:35 am
5
Posted on 1/30/15 at 9:35 am to LSUfan20005
No because they were dead
Posted on 1/30/15 at 9:43 am to LSUfan20005
Yes, I know several.
It's like any other kind of insurance. There are a ton of forms to fill out. I would not say it was difficult, but it definitely depends by company. It helps if you have an agent who is willing to stay on top of the claim process for you (as clearly, the heirs have a lot of other things to deal with).
I don't recall any times where the beneficiary just immediately got a check. Process is generally:
1) Report death to company
2) Fill out paperwork, send in death certificate. (getting the death certificate can take some time especially if there is a delay in dealing with the body, etc).
3) If the policy is still in the contestable period (generally two years) the company will make sure it's not suicide.
4) When everything is approved, the company will send you a checkbook. The proceeds are deposited into a non-interest-bearing account for you to use. You may also request a full check be sent to you.
If there are any "weird" circumstances around the death, it could certainly take longer. Also, usually if you can prove an insurance policy, the funeral home will just request to be paid directly by them, or, may give you some time to get the money to pay them.
It's like any other kind of insurance. There are a ton of forms to fill out. I would not say it was difficult, but it definitely depends by company. It helps if you have an agent who is willing to stay on top of the claim process for you (as clearly, the heirs have a lot of other things to deal with).
I don't recall any times where the beneficiary just immediately got a check. Process is generally:
1) Report death to company
2) Fill out paperwork, send in death certificate. (getting the death certificate can take some time especially if there is a delay in dealing with the body, etc).
3) If the policy is still in the contestable period (generally two years) the company will make sure it's not suicide.
4) When everything is approved, the company will send you a checkbook. The proceeds are deposited into a non-interest-bearing account for you to use. You may also request a full check be sent to you.
If there are any "weird" circumstances around the death, it could certainly take longer. Also, usually if you can prove an insurance policy, the funeral home will just request to be paid directly by them, or, may give you some time to get the money to pay them.
Posted on 1/30/15 at 9:44 am to Teddy Ruxpin
Yes, I have collected. Not a joyous time, as you can imagine. NY Life sent a check within a week/days of receiving the death certificate. The state of LA life insurance provider (sorry, can't recall which company) took a couple of weeks....I had to verify my identity and legal address so there were a couple forms I had to fill out and send. Saddest checks I ever deposited.
Posted on 1/30/15 at 9:58 am to LSUfan20005
Yes, I collected on one recently. It was a pretty simple process and it took 2-3 weeks from the time the claim was reported until I had a check in the mailbox.
Reported the death, and they emailed me forms to fill out. Mailed forms to them along with copy of death certificate that was notarized, check in the mailbox a couple of weeks later.
Reported the death, and they emailed me forms to fill out. Mailed forms to them along with copy of death certificate that was notarized, check in the mailbox a couple of weeks later.
Posted on 1/30/15 at 10:16 am to LSUfan20005
quote:
Despite having a ton of life insurance, I've never actually known anyone to benefit from it.
Yes Me.
It could all be a conspiracy for all I know
But, seriously, if you know anyone who collected...
1.) How did it work?
For me HR from Boeing took care of it I was overnight ed forms filled them out and had a check across country within a week. 1992
2.) Were there any unexpected surprises?
Nope
3.) Was the process difficult?
Nope
4.) How long did it take to receive $?
Then less than a week, with internet probably a lot quicker.
Posted on 1/30/15 at 10:26 am to DawgSmoke
Helpful responses, thanks everyone.
Glad to hear the process seems pretty painless.
Glad to hear the process seems pretty painless.
Posted on 1/30/15 at 6:57 pm to LSUfan20005
Yes, unfortunately so. The fortunate thing is that there indeed was a life insurance policy in place to insure the kids' future was secure.
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