If a person is the beneficiary of a life insurance policy they need to be proactive about getting their payout. They will first need to find out the life insurance companies name. Next they should get a death certificate and then fill out and send in the life insurance companies claim paperwork. When waiting to receive the money the beneficiary might have to choose between receiving it as a lump sum or in installments that are paid out to them over time. There are many instances where beneficiaries fail to make the claims because they either don’t know the name of the insurance company or are not aware that a policy even exists. State regulators have been cracking down recently on life insurance companies that fail to make a reasonable attempt to track down the beneficiaries of policies.
See Aubrey Cohen, How to Make a Life Insurance Claim, NewsOK, January 27, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
