Can You Handle Life Insurance Claims on Your Own?
A deceased breadwinner or family member can be devastating to those left behind. The loss of income can force the family into a plunge due to debt and accumulation of unpaid utilities. This can force them out of their homes and schools in case they fail to meet them. A life insurance policy by the deceased can come to the rescue by getting them back to their financial position.
In other instances, the policyholders are still alive. They will usually make their claim once the policy term expires. The funds from the life insurance policies do not come to you automatically it matures. You need to make an application and claim it. This process can be long and hard. If you give up before payout, you miss out on these funds.
Confessions and reviews also state how hard and tiresome the journey is. Can I handle this on my own? This is the question on most claimants’ minds currently. Below are things you need to consider seeing if you can handle it on your own or you might need to seek assistance on the same:
#1. Application Process
This process begins one a policy matures. You should get an application form from the insurer stating the requirements you need to fulfill and present before they consider it for a payout. Part of the application requires you to present the original policy. This helps in determining the authenticity of the policy and claim. Some policies, especially those with an expiry date, require the policyholder to present him or herself in person to the insurer.
Errors when making an application can delay the process. To avoid such inconveniences and to ensure that you have all that is needed, you can entrust the process to a trustworthy lawyer for life insurance policy to handle it all for you. They make the application and supply all the required documents. This eases your struggle and frees your time to concentrate on more.
#2. Payout Terms
In policies where the payout is certain, you can carry out the process on your own. However, when there is uncertainty, you can consult an expert or an advocate on life insurance matters. Some insurers make smaller payouts in cases where the applicant is not aware of the terms or simply out of unethical practices. Others might withhold the payout on flimsy grounds. This warrants you to seek professional advice. The expert analyzes the policy and advises on the best cause of action. You can also seek the services of an advocate when the payout is delayed. Their experience in the field helps in this too.
#3. Parties Involved
In many policies, there are more than one beneficiary. They differ in age, skills, and knowledge. Where there are adults alone, you can claim without any hitches so long as you agree to work together. In occasions where children and minors are involved, there is more to be done. More involvement from others is inevitable. There ought to be a guardian to represent the children’s welfare and make a claim. Other policies might have terms strictly specified such as paying fees and student beneficiaries. The insurer must liaise for this to happen.