032123 Tips to Avoid Delays in Your Life Insurance Claim...

1. Make Sure Your Beneficiaries are Current.

 

I received a call from a client recently concerning her mother-in-law

Who had passed. The primary beneficiary pre deceased the insured.

No contingent beneficiary was named therefore this held up claim

Payment.

 

Policy-owners can name anyone as a beneficiary, from their spouse,

Or ex-spouse, to children, siblings, parents, business partners,

A charitable organization or a trust.

 

Policy-owners may also designate a contingent beneficiary.

This person or entity is a secondary recipient of the life insurance

Policy payout.

 

The contingent beneficiary will receive the death benefit if the primary

Beneficiary dies or cannot be found before the policy pays out.

 

Beneficiary designations need to be very clear and follow the

Requirements of the life insurance policy.

 

2. Do Not Name a Minor.

 

When an insured lists a minor as a beneficiary, a life insurance claim

May be delayed, because a child who hasn’t reached the age of majority

Cannot receive the proceeds without a guardian.

 

 

 

3. Always Name a Beneficiary.

 

When no beneficiary is named on the policy, the life insurance proceeds

Will go to the estate or be distributed to the next of kin.

 

You will receive the full death benefit if you are the sole beneficiary.

If there are multiple beneficiaries, each will get their allocated share.

 

An improper beneficiary designation or change can lead to beneficiary

Disputes which will cause payout delays.

 

 

* Some insurance companies allow you to name the funeral

Home as beneficiary for your convenience. A second beneficiary

Named would receive any remaining proceeds after payment has been

Made to the funeral home.

 

 

Contact Me Today!

 

Hayden Childs

Independent Insurance Agent

(205) 269-1382

shcmail34@yahoo.com

www.haydenchilds.net

 

 

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“The Grief is bad enough,

Don’t leave the burden

To YOUR family!”