 I have 45k in my 401 the company is closing in a few months waht should I do? I'm out on workers comp now? |
I had a work injury and have been out of work for about a year now.
The company will not let me take any money out because I'm not working.
What sould I do?... |
|
 What are the limitations on a life insurance policy? |
| I would like to know if I can take a life insurance policy on my daughter's father and list her as the beneficuary. I really would like to ensure she is taken care of in case something will ... |
|
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| i want a lifetime coverage for income continuation, & asset protection. which do you think is the best taking everything into consideration?... |
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| I have been debating whether to get health insurance thru my employer or putting that money in a savings account. I currently have no insurance, but leaning towards it. Everyone I speak to, however, ... |
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 How much can I pay for life insurance? |
| I want to buy insurance for my kids to put aside for college. I'm in my 40's and is a smoker. How much will i be paying?... |
|
 What's the best term life insurance to go with? |
I think I need around $250K. I'm 47. Healthy. Don't smoke.
Best company? Cheapest? There are so many choices out there its confusing.... |
|
 If denied for life insurance from one company, is that information shared with other insurance companies? |
| I was denied for life insurance b/c of a trip to Africa. Is that record public knowledge for the other companies if I try and apply else where?... |
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 Car insurance question? |
| what are the advantages if any to having uninsured motorist coverage on my insurance policy. If the other person doesnt have insurance but i have comp and collision on my policy, with a 500 ... |
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| What else should I buy with $1000000 apart from a house and a car?... |
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| My dentist advised me that I required two crowns. The office manager advised me that he had contacted my dental insurance company and they had agreed to pay a certain amount and asked me to pay ... |
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My insurance denied a claim cause that item was lost and not stolen. They don't cover loss.
Does this still count towards my claim history?... |
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| I was under the impression that my 2003 car had ABS (anti lock braking system) because my car dealer told me so, I bought it used. Accordingly during the online application for my car insurance I ... |
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* | Let's Say A Spouse Dies? |
and he leaves life insurance behind, but she has no money saved up to bury the spouse as it is costly. The life insurance he left behind is $600,000. How long will it take her to get the $, and will it be in time for the funeral?
Additional Details
In Los Angeles. |
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Doing the Right Thing
 |
State laws vary between states. In most states, the law requires that the life insurance company pay the death claim within 30 days after a claim has been filed. In some states, it maybe 60 days. If an investigation into the death is needed, the company must notify the family in writing and this will give the company some more time to decide whether to pay the death claim or refund the premiums. In this case, the company will have at most, 90 days after writing the letter, to pay the death claim if they can not find any proof that the client has died other than from natural causes.
In many death claims, the the life insurance company wouldn't go that far to investigate the death. So they will pay it within 30 to 60 days. Unless they are facing financial troubles and can't pay it, then that's whole different story. |
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Suzanne: YPA
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In addition to what some have already answered, I'd like to add that it's possible to assign benefits to a funeral home. This is done all the time. The beneficiary signs a form that permits the insurer to pay the funeral costs directly to the funeral home; the balance is mailed to the beneficiary. The funeral home will take care of filing the claim.
If the policy has been in force less than 2 years before the insured died, the insurer will conduct a routine "Contestable Review" to ensure all health history was listed on the application. If any material misrepresentations were made, the insurer has the right to rescind the policy -- this means the policy was never properly issued and it's void from the beginning. The premiums are returned to the insured's estate, if he's the one who paid the premiums.
Most incontestable life claims are paid within 1-2 weeks from the date the insurer receives all necessary information. |
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Chick-A- Deedle
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Most funeral homes will take care of the service, funeral and burial...including the casket...if they know a policy is going to be issued.
Many insurance policies can legally make the beneficiaries wait up to a year or longer, but that's uncommon. |
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Wibble
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Call the insurance company for the average amount of time required before payout. Every insurance comapny will be different.
w |
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mbrcatz
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Well, it's going to depend on WHO THE BENEFICIARY IS. If the spouse is the beneficiary, and the policy has been in place longer than three years (ie, is not contestable), the spouse can ask for an advance from the insurance company, but it could take a week to get it.
Most of the time, a funeral parlor is willing to wait 30 days for payment, which should be enough time for the BENEFICIARY to be paid.
If the beneficiary is his ESTATE, then the executor of the will can pay the funeral costs out of his estate, with the policy procedes. |
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aoifeb2000
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The funeral home should be able to provide the beneficiary with something called an assignment, which is an agreement signed by the beneficiary that allows the insurance company to pay the funeral home a specified amount of money for the funeral expenses...
Make sure you check the policy, because it must be the bene signing the assignment, or it will not be honored...
Also, funeral homes often have payment plans...
Be a little wary if the funeral home offers to take care of all the insurance arrangements...This is a difficult time, and it is often easier to just let them do it, but I have seen some sneaky stuff...(Example: a $150 "speedy insurance claim" charge on a funeral bill, when all they did was send a $4 registered letter to the claims department) For some strange reason, many funeral homes do not seem very knowledgeable about filing life insurance claims...The beneficiary must complete and SIGN the claim form (not the funeral director); a certified death certificate must be included (NOT a copy), etc.
One thing that really bugs me? Check the amount of the policy and the cost(s) of the funeral...I find amazing "coincidences" between the policy face amounts and the cost of the funeral, from funeral homes in the same area...But then, maybe I'm just too cynical...
Hope that helped at least a little... |
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Joe
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It will all depend on the carrier and who the beneficiary is on the policy. Some companies are very fast at paying a claim and they pride themselves on speedy death claims. Others will drag their feet just because they do not want to let go of the money.
If the policy has not been in-force for 2 years (different carriers vary) then the company has the right to contest the claim and then you will be waiting for a while. Retain a lawyer to assist you if needed but beware that they will take a large portion of the proceeds.
I would say the average is between 1-2 weeks. The funeral company will work with you and they should allow 30 days to pay off the funeral.
Make sure you get a financial adviser to help you with the proceeds. This money will go fast and you need to put it into different buckets to access it at different times. If you have kids under 18, I advise to get a trust done and make sure that if anything happens to you that all of your estate is in order.
Good luck. |
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christopherjruiz07
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If your going to do it just do it already...your leaving a trail behind for the cops to follow |
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