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A life insurance pay out is the money paid to your beneficiaries if you were to pass away while the life insurance policy is in effect. This is the process for how life insurance pays out and the steps you need to take.   Locate the life insurance policy. If you can’t find the policy, contact your life insurance agent, the company that issued the policy or the human resources department of the company that sponsors the group life insurance plan. If you’re still stuck, check out these additional tips on locating a life insurance policy from the American Council of Life Insurers. Two last resort options include searching the NAIC Life Insurance Policy Locator Service or contacting MIB ,  an insurance membership corporation that offers a policy locator service for a fee.   Obtain a certified copy of the death certificate. Check with the state or county where the policyholder passed away or with the funeral director arranging services to get a copy.   Fill o

While life insurance generally benefits your loved ones after you pass away, it can also benefit them (and you) before that time comes through something known as living benefits.   Term Life Living Benefits   Term life insurance covers you for a set amount of time, or term. It provides funds to your beneficiary (or beneficiaries) if you pass away during that time. Living benefit options for term life include...   Accelerated death benefits. This living benefit pays out a portion of your term life policy if you ever face a terminal illness. This gives you needed cash to cover medical expenses, debt and more. Many people also use the funds to take a dream vacation or make other memories with their loved ones. Here are four things in mind when it comes to this living benefit… Different insurers have different life expectancy timelines for when you can access the cash. The policy may need to be in force for a certain amount of time before you can access t

Like other aspects of your financial well-being, you don’t want to take a “set it and forget it” approach to your life insurance policy.  As a general rule of thumb, it’s a good idea to review your life insurance with your life insurance agent at least once a year. The life insurance review is a way to make sure that you have the right kind and level of coverage to protect your loved ones. And if you have permanent life insurance, it’s a good opportunity to make sure it’s helping you meet your overall financial goals.   A life insurance review is also the perfect time to learn about any new coverage options your insurer recently announced; to discuss any concerns you have about the rate you’re paying; and to take action before a policy expires.   Other Times to Review Life Insurance   Your life insurance often needs to change as your life changes. That’s why you’ll want to schedule a life insurance review after a major life event. Life events that should t

  The process for how to get life insurance starts by filling out a life insurance application. From there, your application will undergo a process called underwriting.  This is when a life insurance expert known as an underwriter decides whether to offer you life insurance and at what cost. Approval and costs are based on your risk class. There are two types of underwriting… Traditional underwriting. With traditional underwriting, you fill out a life insurance application and undergo a medical exam. Simplified underwriting. With simplified underwriting, you typically fill out a quick online life insurance application. A medical exam is not required. Keep reading for more in-depth information about the traditional underwriting process and the pros and cons of both traditional and simplified underwriting. The Traditional Underwriting Process The application. You’ll usually fill out the life insurance application with help from your insurance agent. Your agent wil

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