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 What happens if I don't notify my life insurance company of depression and I die? |
Will they have a means to find it out (it's registered in my GP's documentation)? Will they not pay my family? Do you know who I can ask about it confidentially?
Additional Details... |
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stina_420247 S | I have a question I REALLY need answered about life insurance......? |
If I take out a life insurance policy and I name hell, I dont know, YOU as the beneficiary. if I do not tell you that I named you the beneficiary and i die, Will the insurance company seek YOU out and tell you that you are the beneficiary to a claim or are you just screwed and you do not recieve the benefits?
Additional Details
And what about time limitations? Say if the time limitation is one year and you find out about it a year later, are you entiltled to claim the money? |
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mbrcatz
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The insurance company has NO WAY TO KNOW YOU ARE DEAD, unless SOMEONE files a claim. They have no access to, say, social security databases, to match up dead people with policies. So SOMEONE has to file the claim first. Then they'll make an effort to locate the beneficiary.
Regarding the time limit - it's NOT written in stone. It DOES happen frequently, that claims are filed 2, 4, 10 years after a death - as long as the policy was active at the time of death, the beneficiary will be paid. |
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Dave1001
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The practices can vary from company to company. In my experience, companies do make a due diligence search to find a beneficiary.
I have never heard of a situation where a beneficiary HAD to sign something. In fact, I have life insurance applicants sign a stock letter to their secondary beneficiaries so they'll know that a policy exists. They don't have to sign anything.
I will tell you this, when a person dies, people who are close to them go scrambling to find the life insurance policy. It may seem somewhat disgusting, but I can tell you from experience that they come hunting us down with a vengeance. When there's tax-free money lying around, people generally find it. |
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B .
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Another great reason for the importance of a will. If you don't tell your beneficiaries, then be sure to state in your will of the existence of the insurance and the beneficiaries. The lawyer or executor of the estate will then be able to locate the beneficiaries easier so no one is screwed.
And no, the beneficiaries don't sign anything on the application. |
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Luke
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TONS of life insurance policies lapse due to death and the death claim is never paid because no claim is filed. So make sure you tell your beneficiary if you have a life insurance policy. |
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Meg Kenny
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you need to tell your benificiary that they are they benificiary because they are going to need to sign a lot of paper work. if you want some money to go out to that specific person when you die as a surprise, if its in your will then it will happen. |
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Andrea B
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Usually the beneficiary has to go to the insurance company and tell them that the person died in order to start receiving the benefits. |
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aaron p
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Beneficiaries don't have to sign anything. Go home people.
Mbrcatz is right. Hopefully you have let your lawyer, accountant or a close family member know about the policy so they will file the claim on your beneficiary's behalf. The insurance company has no way of knowing you're dead. |
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sanjua m
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please try this
<a href="http://www.anrdoezrs.net/click-174... target="_top">help!</a> |
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Nate W
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Beneficiaries have to sign paper work, so they will know about the policy anyway.
The insurance company will not seek out beneficiaries, if the beneficiary wants the benefits, than they need to contact the insurance company. |
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