Co-Founder, Coastal Financial Partners Group, California
For policies inforce for more than two years, routine death claims can take as little as a week from the time they receive a copy of the death certificate. Some insurance companies take longer. Policies less than two years old are within the contestability period and are investigated more thoroughly which takes longer.
It depends on the type of life insurance you have. Some policies (life funeral preneed life insurance) will pay within 24-hours of your death and do NOT need a certified death certificate. These have been popular since around the mid 1980's and are a good choice if people are depending on life insurance to pay for a funeral.
Most other life insurance will be within 3-days of recieveing a certified death certificate.
If your life insurance has been in force for 2 years or more it is beyond the incontestability period and will pay soon after the claim form and proof of death is submitted. Varies by company but within a week or two would be the norm.
If your policy is less than 2 years old, they maybe more details required to ensure you old the truth on your application and determine if death was by suicide.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
The entire claims process for life insurance proceeds is typically completed in a 2-3 week period from when the carrier gets the claim paperwork. Claim paperwork includes a completed claimant's statement and a copy of the death certificate (some carriers may ask for additional paperwork).
If the insured died during the first 2 years of the policy (the contestability period), the carrier will likely conduct a more in depth review regarding cause of death and if there were any issues with the paperwork when the program was placed in force (e.g. if the applicant intentionally lied on the application).
I hope the information is helpful - please feel free to contact me if you have any questions. Thanks very much.
Most life insurance companies pay a death claim without contestability within a few weeks. If the policy is in force for less than 2 years and the cause of death is suspicious, an investigation can be launched and slow down the process. Otherwise, once a death claim form and a certified copy of the death certificate is received by the carrier, the process is relatively short for turnaround.
President, Lane Independent Agency, Southern California
A good company, on a case with no questions, can easily pay within one week. A lesser company may take several weeks, and raise spurious questions to delay. They may then even try to get the beneficiary to put the money into one of their funds rather than just deliver their check. Be careful who you get your policy from. Thank you. GARY LANE.
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Most other life insurance will be within 3-days of recieveing a certified death certificate.
If your policy is less than 2 years old, they maybe more details required to ensure you old the truth on your application and determine if death was by suicide.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
If the insured died during the first 2 years of the policy (the contestability period), the carrier will likely conduct a more in depth review regarding cause of death and if there were any issues with the paperwork when the program was placed in force (e.g. if the applicant intentionally lied on the application).
I hope the information is helpful - please feel free to contact me if you have any questions. Thanks very much.