Types of insurance…
There are many types of insurance available, and it’s important to investigate all of them. There is more detailed information on many of these types of insurance on this website. Here are a few examples with procedures for making the claim.
- Life Insurance (whole or term policies)
- Group Insurance (Place of employment, organizations, etc.)
- Governmental Life Insurance
- Fraternal and civic organizations
- Credit Card Insurance (Available through major credit cards companies)
- Credit Life Insurance (mortgages, vehicles, boats, personal loans)
- Car Insurance, Personal Injury Protection (PIP)/No Fault
Important Fact …
Proceeds from policies may be paid to the beneficiary in different ways. Proper advice can help solve investment questions
The following documents may be required for claiming benefits…
- Insurance policies.
- Change of Beneficiary endorsement.
- Beneficiary’s certified copy of Death Certificate if insured is deceased.
- Certified copy of the Death Certificate of insured.
- Properly completed claim form.
- Proof of marriage.
When submitting a death claim to an insurance company through the mail, send the claim Certified-Return Requested. The return receipt will let you know the company has received the claim. It is also a good practice to photocopy the cover page of the policy for the beneficiary’s records, if possible.
Death Benefits can be assigned to pay funeral expenses or deposited into an estate if so stipulated. Generally, death benefits paid to a named beneficiary are not taxable to the beneficiary and are not included in the total of the deceased’s estate. Insurance proceeds left to the estate or with no surviving beneficiaries must be handled in the probate proceedings.
If the deceased is listed as the beneficiary of any other insurance policy, it is recommended that you notify the insurance company as soon as possible to change the name of the beneficiary.