How do you collect on a life insurance policy?

In order to file a life insurance claim, you are going to need a copy of the death certificate, personal identification for yourself and the deceased, and a copy of the life insurance policy if it is available. Contact information is contained in the insurance policy, along with the specific details of the coverages and payouts. As long as the information is in order and the policy has been kept up to date, the insurance company should contact you about the payout within 30 days, usually much less.

If you suspect there is a policy in force, but don't have the details, check the deceased baking records for insurance payments, and contact their car and home insurance companies. In many instances, people will take advantage of discounts offered for multiple policies written by the same company, and having the name of one insurance company will lead directly to other policies. If nothing else, the insurance company will mail out premiums or other policy related information periodically, and will usually perform an inquiry if a life insurance policy becomes outstanding.

In most instances filing a claim on a life insurance policy is a relatively simple process. As long as there are no complications life insurance policies are settled quickly, and can be completed in as little as 2 weeks. Keep in mind that estate and inheritance taxes may be owed on the policy, and those amounts should be deducted before the cash payout.