Introduction
Although most folks are financially secured by their ancestors who leave behind funds in the form of a life insurance policy still, most of them fail to receive this insurance money since they’re not familiar with the procedure for claiming it. As per the records of NUPN or National Unclaimed Property Network, around 20% of all insurance policies are either unclaimed or their finances are transferred to the unclaimed money departments and put to public use. Thus, beneficiaries must do comprehensive research on the rights and requirements for claiming unclaimed insurance funds.
History
Prime Considerations:
There are 3 basic things that you must know if you’re the estate administer, acquaintance or a potential beneficiary of a deceased individual. Firstly, acquire a state approved copy of his death certificate. Secondly, demonstrate yourself as the surviving spouse, child or a court appointed estate administrator and demand for your rights. Thirdly, go through the policies of that particular life insurance company and study its requirements. All this is required to acquire insurance money.
Procedure:
- In order to claim insurance money, you’ll have to collect all documents that are required for filing claims. Contact the insurance agent appointed by the company or the broker who had been maintaining the deceased person’s account to get a copy of claim forms. You may also download this form the official website of the insurance company.
- Thereafter, get a copy of death certificate, your address proof and any other document which certifies that you’re the living relative of the deceased person.
- Contact the employers or ex-company of the deceased to check whether they’ve provided a group life insurance or not. You can also check out credit card or bank records of the deceased to look for additional insurance policies. Sometimes medical, home or auto insurance policies are included as a part of life insurance. So you can search through them if you want to claim your insurance money.
- Make sure you submit your claim as quickly as possible and attest all the documents. If the company has made delays in contacting you, you yourself can call them up and provide them information about the death of your relative. In such cases, the agents shall guide you how to claim the insurance money.
Features
Restrictions:
- In some cases, insurance companies may decline your insurance money claim specifically if the death occurs within 2 years of purchasing their coverage policy. Moreover, each individual company has their different set of rules for submitting the claim. It may hand over money in the form of cash, issue a check or set up an account with monthly withdrawals in the name of the beneficiary. Thus, you must go through their policies.
- The company may refuse to provide you insurance money if they’re doubtful about the legitimacy of your claim. In such cases, you’ve approximately 60 days to prove your legitimacy. Otherwise the case shall be forwarded to the court and the court shall decide.
- If the death certificate of the deceased is issued in a foreign language, you’ll have to get it translated in the state recognized language.
Tips and comments
Despite of all these efforts if the company is still denying you’re your insurance money, you should immediately seek advice from an attorney and get him involved.
