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.
Question about life insurance
- Thread starter smr91481
- Start date
It usually takes 7 to 10 days after they receive a copy of the death certificate.
pb4uski
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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.
frayne
Thinks s/he gets paid by the post
Two separate policies should get two separate pay outs to the respective beneficiaries, one would think.
pb4uski
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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.
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.
Nwsteve
Nwsteve
birdie
Dryer sheet wannabe
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
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
