Hot Student Stories

How long does it take to receive life insurance money?

William Cain

in Student Loans

1 answer
1 view

1 answer

Jessie Thompson on December 10, 2019

Initially, you should file a claim for benefits with the insurer, accompanied by proof of death such as a death certificate. The life insurer will have a protocol outlining what it is necessary. Unless there are complications or competing claims to income, the insurer will issue a check. Allegedly, the person named in the application for life insurance will be the correct recipient, but there could be competing claims, or a question could arise as to whether the policy was in force at the time of death. Questions such as these can delay the sending of remittance of profits. The statutes of the State in which the policy was issued likely provide that, in the absence of a coverage question or by the insured, the payment must be processed within a certain number of days after the written claim for benefits, the death certificate, and the required information is received. Often, the legal deadline is 30 days. If not paid within that period, the insurer may be liable for interest at a legal rate.

Add you answer