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What is The Life Insurance Claims Process?

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What is The Life Insurance Claims Process?

Losing a loved one is among the most devastating life experiences you can suffer. If your loved one has a life insurance policy and you’re the beneficiary, filing a claim for life insurance benefits can help with the financial burden you may also be experiencing due to your loved one’s death. Here’s what you can generally expect when you file a life insurance claim.

Gather The Necessary Documents

Getting all the necessary documents will help expedite the life insurance claim process. In most cases, you’ll only need the completed claim form, policy document, and certified death certificate for the claim. 

Reach Out to The Insurance Provider

Once you have all the documents you need, contact the insurance provider that issued the policy to inform them of your loved one’s death and your claim. While there’s no deadline for filing a claim, the sooner you do it, the sooner you can receive the benefits. 

Wait For The Insurer to Process Your Claim

Once you’ve done your part, the insurer must conduct some basic checks, such as ensuring that you are the beneficiary of the life insurance policy and confirming that the policy’s still active. Take note that policies lapse if the coverage has expired for a term life insurance plan or if the policyholder failed to pay the premiums. 

Depending on how long the insurer takes to process your claim and if your claim is not denied (yes, there’s a chance that your claim may be denied), you may receive the benefits within several days or within 60 days. Make sure to check with the insurer to find out the average time for processing claims and paying out benefits. 

Likewise, depending on the terms and conditions of the policy, you can choose how you want to receive the benefits. The most common and simplest options include an annuity or lump sum payment. 

An Important Warning When Dealing With Insurance Companies

Keep in mind that insurance providers are in the business of making money, and they do this by looking for any excuse or reason to deny insurance claims and avoid paying out benefits. And this money-making plan starts the moment you inform the insurer that you’ll be filing a claim. 

Discussing your life insurance claim with an experienced Chicago life insurance claim attorney before you even file your claim with the insurance provider can help prevent issues with your claim when you talk to the highly trained and experienced insurance claims adjusters about your claim. 

It’s also crucial to note that if the insurer denies your claim, it’s unlikely that they’ll reverse their decision unless you can present new evidence. But a skilled attorney can help if your claim is denied. Your attorney can analyze the claim and the policy and figure out if you have a chance of getting the insurer to reverse its decision.  

Consult with a Seasoned Chicago Life Insurance Claim Attorney Today

To learn more about your case and legal options, contact the Anspach Law Office today and schedule a consultation with our Chicago life insurance claim attorney by reaching us online or calling 312-407-7888. 

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