Filing a Death Claim

Filing a death claim on your loved one's behalf is never pleasant, but a good insurance agent can make the process smoother. If your permanent life insurance policy has been active for at least two years and you have been paying the premium every month, you should not have a problem filing a claim. Remember that your loved one wants you to be taken care of and to maintain the lifestyle that you built together. It is in your best interest to file a death claim as soon as possible to get the coverage you are owed, and you should consider choosing a life insurance company that makes the filing process as easy as possible.

Find the Insurance Policy

The first thing you need to do to file your claim is to locate the never ending life insurance policy documents. Your loved one should have a packet of information filed away that quotes the terms and rates. If all you know is the name of the company, contact them and tell them whatever you know. If you do not know the name of the insurance company and cannot locate the policies, do not give up. Go through your relative's files, cell phone, address book, and notebooks in an attempt to locate any information. Call their workplace to find out if they know anything. Look through bank statements to find the name of an insurance company and compare old income tax returns. If this search has yielded nothing, wait to receive a policy renewal notice in the mail or start calling life insurance companies in your state.

Communicate with Insurance Agent

Once you have located your loved one's policy, now it is time to contact his or her insurance agent/broker. They will set up an appointment so you can meet and discuss the claim. You will need to fill out a death claim and show the agent the death certificate and published obituary. You can get these forms from a funeral director or a hospital. If your loved one died in an accident, you need to get police reports to prove it. Give these copies to the insurance agent along with the death claim form and they will process them. You can ask the agent any questions or concerns about the policy and decide how you want to receive the money. Choices include long-term payments, a lump sum, or a trust fund. You can also set aside the money for your children upon your death.

Minor Beneficiaries

If the life insurance policy only provides coverage for the deceased one's minor children, you have several options. One option is to keep the money in an interest-bearing trust fund until the children are 18 years old. If you are the senior guardian, you can ask to receive the benefits on behalf of the children. In this case, you will need to fill out "Guardianship of the Estate of the Minor" documents which you can get at your local Probate Court Clerk office. If you are not the guardian and wish to receive the benefits, you need to get the minor children to authorize you to receive the funds. In all cases, you should receive your benefits about a month after you file the death claim.

Death Claim Aftermath

Filing a death claim is just one step in the process of tying up loose ends. Speak with an accountant or broker to decide how you will use the money. Your loved one would want the family to stay together and have enough money to keep the house and send the kids to college. Your loved one is depending on you to use the lifetime beneficiary money wisely and maintain a suitable lifestyle for you and any children.