Filing A Life Insurance Claim A Howto Guide

Things You Need to Know Before Buying Car,House, Health & Life Insurance online.

Insurance Buying Tips #1: Shop smart
When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.
Insurance Buying Tips #2: Look for discounts
Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.
Insurance Buying Tips #3: Fill in the gaps
An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.

Losing a loved one is never easy. It takes time to deal with the loss. There are also so many other things that need dealing with and few things seem as terrible as filling in a life insurance claim. You'll experience moments of guilt, because the idea of benefiting from a loved ones death is a tough one to swallow. Don't think of it like that. Rather take comfort in the fact that the person you've lost wanted you to be taken care of after their passing.

This how-to guide was created to help you with the paperwork in a time of grieving.

1. Locate the life insurance policy. If you weren't told where the life insurance policy is being kept, there might be information on its whereabouts in the Will. If your loved one had a lawyer, speak to him or her, as it might have been left in their care. If not, the lawyer may nevertheless know where it is being kept. Chances are good that it's amongst all the other important documentation that have been left behind, so check the safe and filing cabinets. It may also be hidden in a wardrobe or cupboard.

Insurance Buying Tips #4: Purchase life insurance—you aren’t too young
Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.
Insurance Buying Tips #5: Talk to an independent agent
An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.
Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living
You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.

2. Call the insurer. The number will be on the policy. Tell the person you're speaking to that you want to file a claim. They will walk you through all the necessary steps and send you the paperwork.

3. Decide how you want to receive the money. Most life insurance companies will give you the option to choose between a lump sum and monthly instalments. If you want to use the money to pay off debt then take the lump sum and get the debt settled. If there is no debt and you aren't good with managing your finances, then it's perhaps best to receive the pay out in monthly instalments.

4. Complete the paperwork. After the paperwork arrives, complete it and remember to attach all the necessary documentation requested by the insurance company. At the very least a certified copy of the death certificate will be required. Depending on the circumstances surrounding the policy holder's death they might also want a copy of the police or autopsy report.

5. Be patient. It takes a while for the papers to get filed as there are processes that need to be adhered to. Information needs to be verified and claims need to be inspected. The timeframe we're talking about here can be as long as two months, so be patient. If you haven't received any payment or heard anything from the insurer after this time, make enquiries. If the insurance company is giving you trouble then get in contact with the Long-term Insurance Ombudsman.

Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover
Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.
Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier
here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.
Insurance Buying Tips #9: Review your insurance needs on a yearly basis
As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.
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