The short answer is, it depends on the company. Some companies will pay with the notification from a funeral home. In that case a check could be in route within 24 hour or so. However, most insurance companies require a certified death certificate along with their claim forms. The process and time in getting the death certificate can vary by state and county. A Life Insurance agent will be able help you with the claims process at no charge.
Most companies do try to pay claims within 30-days of receiving the certified death certificate and claim form. Some things that can slow down the claim are:
1. Doctors who take weeks to sign off on the cause of death.
2. If an autopsy is performed it can greatly slow things down as you have to wait on lab results.
3. A funeral director could slow up the death certificates if he doesn't apply promptly.
4. If the life insurance policy is less than 24-months old it will always take much longer because the policy is contestable and they will review all medical records. This can add months to the claim.
True funeral Preneed insurance will pay within 24-hours and the lack of a death certificate does not slow down the claim. A couple of final expense companies have adopted this claims process also.
If you need your money quicker and the policy is more than 2-years in force, any funeral home can work with an assignment company and get your life insurance money for you within 48-hours but a fee of 3% or more must be paid to the assignment company.
.JPG){kind=avatar}
1. Doctors who take weeks to sign off on the cause of death.
2. If an autopsy is performed it can greatly slow things down as you have to wait on lab results.
3. A funeral director could slow up the death certificates if he doesn't apply promptly.
4. If the life insurance policy is less than 24-months old it will always take much longer because the policy is contestable and they will review all medical records. This can add months to the claim.
True funeral Preneed insurance will pay within 24-hours and the lack of a death certificate does not slow down the claim. A couple of final expense companies have adopted this claims process also.
If you need your money quicker and the policy is more than 2-years in force, any funeral home can work with an assignment company and get your life insurance money for you within 48-hours but a fee of 3% or more must be paid to the assignment company.