Life Insurance Claims FAQ
1. How long does it take to get life insurance
submit all the paperwork, it may take less than a week to receive a life
insurance payout. But you should receive the money within 30 days, assuming
everything is in order.
2. When I make a claim do I get the cash value from
life insurance policies contain an account that builds up over time, but the
cash value generally reverts back to the life insurance company when the
insured person passes away. The beneficiary will generally receive the face
value of the policy, minus any outstanding loans and withdrawals that the
possible to buy a policy that pays out the cash value plus face value, but the
policyholder would have had to choose that option at the time of purchase.
3. How do I know if a term life insurance policy
If you’re the
beneficiary of a term life insurance policy, you’ll want to initiate a claim to
see if the policy was still in-force. Even if you have the policy paperwork and
it looks like it expired, it’s possible that the policyholder renewed it past
the original expiration date.
4. What documents must I mail with my life
Here's what you need:
· Completed claim form signed by each beneficiary
(this form will be included in the claim packet we send you)
An original, certified copy of the death
Copy of the life insurance policy (if available)
Other applicable court documents
that you may not email or fax your claim form and documentation, as we need
original copies of the death certificate and additional required documents
5. How long will my life insurance claim take?
process within 7-10 business days after receiving your completed claim form and
related documents. Beneficiaries usually receive payment shortly thereafter.
Some claims may take longer.
6. How can I find out if my loved one had other
life insurance policies?
View Ways to Locate an Unclaimed Life Insurance Policy to help you get
7. Can life insurance benefits be paid directly to
the funeral home?
beneficiary and the funeral home are required to have a signed contract. A copy
of this contract (or "assignment") must also be sent to Allstate®.
8. What happens if the beneficiary is a minor child
and no guardian is named?
The appointed guardian needs to submit guardianship documentation along with the claim form and certified death certificate.
If no guardian
is named, the Uniform Transfers to Minors Act may permit disbursement of funds
to a custodian for the use and benefit of the minor child. The appropriate
family member may wish to consult an attorney for advice.