How to Collect Life Insurance

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    23-Aug-2014
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Transcript of How to Collect Life Insurance

  • How to Collect Life Insurance
  • As a beneficiary on a life insurance policy, collecting on the insured can be a bittersweet task. You are being given a sum of money, but you might still be in the grieving process at the time that you meet with the insurance company to discuss the claim.
  • To make it as easy as possible, make sure that you have as much information on your loved one available to give to the agent. This will help speed up the process and make it go smoother for everyone involved.
  • Contact the insurance agent with the correct information. Bring along the following information on the deceased: www.dfsinnewwest.ca
  • The insureds policy number or numbers. The insureds state of residence. The insured's date of birth. The insureds full name.
  • The insureds date of death. The insureds cause of death. The insureds place of death. The insureds beneficiary contact information.
  • Locate vital information on possibly lost insurance policies. Sometimes, the paperwork on life insurance policies can be lost or misplaced by the deceased. This doesn't mean that the policy is no longer in place, though. If you think that the deceased had a policy that needs to be collected on.
  • Search for information on the policy. Canceled checks or bank receipts with the name of the insurance company would give you a direct link to the name of the insurance company handling the policy. Call insurance companies directly to find out if they carried a policy for your loved one. www.dfsinnewwest.ca
  • Keep an eye on the mail. Insurance companies will send warnings if payments have lapsed. Payments can be made on a variety of methods such as monthly, twice a year or annually, so it is important to continue this process for 1 year if you suspect there is a policy that has been unclaimed. Look for income tax returns. You are checking to see if there are any interest payments coming from an insurance company.
  • Keep an eye on the mail. Insurance companies will send warnings if payments have lapsed. Payments can be made on a variety of methods such as monthly, twice a year or annually, so it is important to continue this process for 1 year if you suspect there is a policy that has been unclaimed. Look for income tax returns. You are checking to see if there are any interest payments coming from an insurance company.