Do I Have to File a Life Insurance Claim Immediately?

The process of filing a life insurance claim can be challenging enough without having to worry about any imposed deadlines luckily there usually aren’t any to worry about. However, if your loved one left money for you to utilize for expenses then it should definitely be claimed as soon as possible.

How Soon Should I Be Filing an Insurance Claim?

When a loved one dies, the last thing you probably want to think about is the paperwork and legalities. But the truth is, in the case of life insurance coverage, you may actually need the money being left to take care of your family and other expenses immediately. The good news, however, is that if you get caught up in handling other personal issues and forget to file the claim, you won’t lose the money. Generally, you can file at any time. In fact, the beneficiary may actually see an increase in the original payout amount due to the interest building for a longer period as the policy goes unclaimed.

What to Do if You Lose a Life Insurance Policy

It doesn’t happen often, but on occasion a person can lose a life insurance policy, which can definitely delay the process of filing an insurance claim. But let’s say for instance, a person was paying for their spouse’s policy and paid it in full before passing away. When the significant other passes away, the children may know there is a policy but have no idea how to access it.

If this happens, there are a number of steps to take to try to track it down, including:

  • Looking for canceled checks or receipts from insurance companies.
  • Contacting previous employers that may have access to policy information.
  • Examining past tax records – interest earned may reveal policy information.
  • Looking out for your loved one’s mail.
  • Speaking with the state department of insurance.
  • Making an inquiry with the unclaimed property office in your loved one’s state.
  • Checking with family lawyers, friends, and business partners for information.

Filing an insurance claim requires time and a steady mind to complete appropriately. So if you must make a life insurance claim, take advantage of the fact that you have no deadline to worry about and fill it out appropriately to make sure you and your family will be taken care of just as your loved one wanted.

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