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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To YOUR family!”

Comments

022823 The 9 Benefits of Whole Life Insurance...

(1) Provide for Loved Ones… It’s the basic need everyone thinks about. You have a young family. You are the major breadwinner. Something happens to you. How is Your family supposed to make ends meet? It’s a form of protection. Peace of mind. (2) Key Man Insurance… You and your partner own a business. It’s grown. Many employees Depend on you. If something happens to your partner, it’s likely their Spouse or family will inherit their share of the business. Cash would Be a lot more useful to them. Life insurance on both partners can Provide the cash to buy out heirs and keep the business intact. (3) Emergency Loans… Hopefully your client lives a long life. The whole life policy accumulates Cash value, eventually growing to the full face value, or beyond. Many Policies allow you to borrow money against the cash value. You would pay interest. (4) Funding Estate Taxes… Your client owns a farm. I...

090921 Those Dying From Covid-19 Are Least Likely to Own Life Insurance...

Many companies have sharply reduced estimates of their exposure, as measured by payouts per 100,000 U.S. fatalities As the number of U.S. corona virus deaths surpasses 200,000, public-health experts point to a series of missteps and miscalculations in the country's response. Here’s a look back at how the U.S. became the center of the global pandemic. Sept. 28, 2020 5:30 am ET U.S. life insurers are paying out far fewer Covid-19 death claims than initially expected, largely because the virus is disproportionately killing people with little to no insurance. In the past few weeks, many life-insurance companies have sharply reduced estimates of their exposure, as measured by payouts per 100,000 U.S. Covid-19 fatalities. Estimates have come down by an average of 40% to 50%, according to Credit Suisse stock analyst Andrew Kligerman. Driving the rapid reduction in exposure are two groups… older Americans and minoriti...

080822 Less Common Life Insurance Needs

On top of the most common reasons for buying life insurance, It can help cover some less common needs. These could include… *Insuring Children Buying a policy on a child can ensure that the family will financially Survive the loss of the child, but keep in mind that such a loss is Fairly unlikely. It can also ensure the child’s ability to qualify for life Insurance in the future. That could be helpful in the case of a health Diagnosis that might make it harder to pass the underwriting process. *Replacing Retirement Benefits Life insurance is often marketed as income replacement for an Insured person during their working years, but some retirees may Choose to keep theirs after leaving work. It can be used to replace The loss of any retirement income for their spouse or any dependents. *Investment Permanent life insurance can provide you with a potential income Source. You can access your cash value once it has buil...

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