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Additional Details
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dee smiley | If I have life insurance, does my beneficiary need a copy of the policy? |
If I have life insurance, does my beneficiary need a copy of the policy? I wonder if they need to APPLY for the benefit when I die, or will it automatically be sent to them? |
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Doing the Right Thing
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Your beneficiary does not need a copy of the policy. But you should let them know in case you do die.
When you die, your beneficiary will call the insurance company to file a death claim. Insurance company will give instructions on what to do. Its really an easy process, but can take awhile for the check to come. |
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Huey from Ohio
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They would need to at least know that you have a policy and that they are the beneficiary. It would help if they had the company contact information. If they are underage, then their designated guardian should know. |
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Hadley
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No, they do not need a copy of the life insurance policy.
You should advise them of the name of the insurance company and give the a phone number they can use to contact the life insurance company in case you pass away. You may want to leave this information with your estates attorney or leave instructions with your will.
Here is how your beneficiary can make a claim:
To begin the claims process:
Get several copies of the death certificate.
Call your insurance agent. He or she can help you fill out the necessary forms and act as an intermediary with the insurance company. (Don’t keep life insurance policies in your safe deposit box. In most states, safe deposit boxes are sealed temporarily upon the death of the owner, which can delay the settlement. ) If you don’t have an insurance agent, or don’t know who the deceased's agent was, contact the company directly.
Submit a certified copy of the death certificate from the funeral director with the policy claim. Once the claim is submitted, a settlement should be issued to you shortly. Once a life insurance claim is submitted, you must determine how the proceeds will be distributed. These are some of the options available:
Lump sum -- You receive the entire death benefit in a single amount.
Specific income provision -- The company pays you both principal and interest on a predetermined schedule.
Life income option -- You receive a guaranteed income for life. The amount of income depends on the death benefit, your gender and your age at the time of the insured's death.
Interest income option -- The company holds the proceeds and pays you interest on them. The death benefit remains intact and goes to a secondary beneficiary upon your death.
I hope that helps you. |
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David B
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no but they need to know what they are, and the company, and where you keep the policy. have to apply for it send them a copy of the death cert. |
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educated guess
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You can give them a copy if you would like too. This can be a problem if/when you change Beneficiaries.
The payments are automatic, providing they can find the person. They go off of the Social Security number. It never hurts to call them (The Insurance Co.) after a person has passed away. |
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deep5223
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Just as a side note. You have some really good information here, but one totally erroneous one. The insurance company does not know when you die, so the benefit is not automatically paid. They do not track by your social security number to see when you die. In fact, social security does not automatically know when someone dies. Someone has to notify SS and any insurance company and provide death certificates in order to get benefits they are due. |
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mbrcatz
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Someone will have to tell the life insurance company you are dead. So it's a good idea to tell the executor of your estate, give them the policy number & company contact information. A copy of the policy is NOT necessary. |
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lennie
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No but they should know where it is if you die. Because they will need it then with a copy of the death certificate. |
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franny69
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no they don't need it and you might change your mind they will be notified after something happend to you |
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