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Question about life insurance
Old 07-25-2012, 01:02 AM   #1
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Question about life insurance

I guess this question is for anyone who has received life insurance money from someone. I was just curious… If I were to pass away how long does it usually take for my wife to actually receive the life insurance? Some of it will be through my employer and some will be a separate term plan I have.
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Old 07-25-2012, 06:35 AM   #2
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It usually takes 7 to 10 days after they receive a copy of the death certificate.
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Old 07-25-2012, 09:26 AM   #3
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It usually takes 7 to 10 days after they receive a copy of the death certificate.
That sounds right. If you have an agent who is on the ball and learns of your passing, s/he will likely contact your DW with condolences and assist in filing the claim - generally all that is needed is the death certificate. For your employer policy typically the employer will help facilitate the claim. If you don't have an agent then someone will need to contact the insurer, inform them of your passing and file a claim.

In all cases, after the claim is filed the benefit is generally paid promptly. Instead of a check, DW might receive a checkbook that she can write checks out of up to the amount of the death benefit. So she could use that checkbook to pay the funeral home and whatever or she could just right a single check for the full amount and deposit it to your regular bank account.

If you have an agent assisting, the agent may try to assist DW as to how to "invest" the funds. I think it is best that she wait a couple months rather than try to make an immediate decision.
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Old 07-27-2012, 02:03 PM   #4
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How about having 2 separate policies? I have $500,000 through work and $500,000 through a separate term policy would they both pay out?
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Old 07-27-2012, 02:14 PM   #5
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Two separate policies should get two separate pay outs to the respective beneficiaries, one would think.
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Old 07-27-2012, 03:59 PM   #6
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How about having 2 separate policies? I have $500,000 through work and $500,000 through a separate term policy would they both pay out?
Yes. Why would you think that they would not? You have two separate contracts that say that if you die that the insurer will pay the beneficiary $500k.
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Old 07-27-2012, 04:07 PM   #7
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Just wasn't sure either way. I have the work policy already, but want a separate policy just in case I were to leave the job for any reason and then find out I had cancer or something.
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Old 07-27-2012, 06:38 PM   #8
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When I requested payout on my deceased Mother, the insurance (Metlife, I believe) required the policy to be surrendered with a certified death certificate. Ideally, any beneficiary will have easy and immediate access to the policy when it comes time to collect.
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Old 07-28-2012, 06:59 PM   #9
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All here is good....
While we are at it, please be sure you have a contingent beneficiary named as well. God forbid as they say but should you both "go to your great reward" at the same time, having a contingent beneficiary will have the death proceeds going to that person, keeping the death benefit out of your estate. Not unusual to have wife as primary beneficiary , and children named as contingent beneficiaries. OK all? Please talk with your insurance agent to be sure you have contingent beneficiaries named. Best to all
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