Having a life insurance plan can help to spare your loved ones from the burden of paying for your final expenses and your funeral out-of-pocket. If you have a loved one who has passed away and they have a life insurance policy, you may find yourself wondering how quickly you should contact the life insurance company. Here is some information about this topic from Commonwealth Insurance Center, serving the greater Williamsburg, VA area.
What to do in the event of a passing
It is recommended that you begin the process of filing a claim with the life insurance company when you feel comfortable and able to do so. Before an insurance company can pay out on a life insurance claim, they will need a copy of the death certificate. Depending on where you live, this can take a few days to a few months to obtain. Some people file a claim right away and then submit the death certificate when it becomes available. Other parties wait until the death certificate is available to file a claim. There is no right or wrong way to do it. However, once a claim is filed, premium payments will cease, so this is important to keep in mind if any insurance payments will be due while waiting for the death certificate.
Once a claim has been filed, and the death certificate has been submitted, an insurance company has 30 to 60 days to review the claim and payout.
If you do not have life insurance, now is the perfect time to consider purchasing a policy. Here at Commonwealth Insurance Center, we can help you find the right life insurance policy and purchase it in the greater Williamsburg, VA area. Contact us now to schedule an appointment to sit down with us and discuss your needs.