Life insurance settlements are the monies paid to survivors/designated beneficiaries after a family member has passed away. If you are a designated beneficiary of your spouse's or child's life insurance policy, and you have recently lost this family member, you may not be thinking about this money right away. However, when you can get to a point where the grief is not so overwhelming, you may want to make your claim, since your family member left that money to you. Here is what you need to make your claim and receive the money from your deceased family member's life insurance policy.
If you have not already received a copy of the death certificate from the County Coroner's office, you will need to apply for a copy. This is the piece of paper that shows your loved one is officially deceased, and what was the cause of death. You will need to mail this to the life insurance company so that they can see you are making an honest and official claim to the benefits left to you by the deceased.
To avoid fraud and claims thefts, many insurance companies now require proof of your identity as the beneficiary and claimant. Usually this includes a copy of your picture ID/ driver's license, Social Security card, and possibly one other form of identification. If possible, photocopy all of your personal IDs on one sheet of paper. Not only does this simply your application, but also streamlines the paperwork for the agent who will be able to see that you are exactly who you say you are because you were able to copy all of your identification on a single sheet of paper. Some companies may also require your birth certificate as proof, and you may have to send them an official stamped copy versus a photocopy.
Your Background Check
Sometimes an insurance company also wants a background check on the beneficiaries. In these cases it may be company policy that beneficiaries cannot be convicted felons, and you will have to show that you have not been recently incarcerated for a felony or that you have been sentenced to prison for a felony. This is often done to prevent murderers of the deceased from gaining access to the victims' benefits after death. Even though you may find this somewhat invasive or offensive in light of your family member's passing, just keep in mind that it is meant to protect the benefits the deceased left behind.
For more information or assistance, contact a life insurance company, like Trust Life Settlements.