If you have life insurance, it means you are designating a specific person or your estate to receive funds at the time of your death. For those who have a loved one who has recently passed away, ensuring you claim the insurance is important. While it may not seem like you can handle receiving such money when you are dealing with grief, it may be a very important decision for you. You may not have a lot of time on your side.
What Are the Rules?
Unfortunately, for those who are a beneficiary of a life insurance policy, there is often a date by which you must make your claim. Keep in mind that this date changes based on the policy, though. That means that the terms and conditions of receiving the payout will differ based on the life insurance policy specifically. The best way to know when you have until, then, to make a claim is to read through the documentation.
However, there are some things to keep in mind:
- As long as the beneficiary has the proof necessary to verify his or her identity, it is unlikely that the company will not pay out the funds owed.
- In many cases, the insurance company will contact the individual beneficiary and provide information about the claim directly. You may not have to wait to learn of the life insurance.
- Escheatment may occur in which the unclaimed funds from the policy are sent to the state. The state may hold onto these funds for some time until the individual claims them.
To find out more about your Coppell, Texas rights, contact an independent agent today. We can help you to get the life insurance you need at the right price.
