In an event when you have lost a loved one, you maybe troubled by how you could acquire the life insurance that they have been saving for a life time. So today we shall go through the three basic ways to acquire life insurance.
1. Attain as many copies of death certificates as possible.
Firstly, ensure that you have as many copies of your loved ones death certificates as possible. That way, you wouldn’t easily present it to the insurance company as evidence that the person is in deed no more and has moved on to the next life.
2. Contact the insurance agent.
However has a life insurance in most times also has an insurance agent. Therefore, once the person is dead, contact their insurance agent who is most likely to help you fill in the necessary forms so as to acquire the proceeds.
In case you have no knowledge of whom the person’s insurance agent is, you could contact the company instead.
3. Submit the death certificate.
After you have completed the process, you submit the death certificate as acquired from the funeral director with a policy claim for the money that the person who had insured has accumulated.
The proceeds can now be granted to you although there are four different proceeds in which the sum can be given to you:
Lump sum: In this situation, the entire amount the deceased had by the time of their death shall be given to you.
Specific income portion: Here, payments of both the principal and interest are granted to the beneficiary basing on a predetermined scheduled.
Life income options: Clients are guaranteed more money for life which depends on the death benefit, your gender and your age at the time when the insurer died.
Interest income options: The company holds proceeds and then pays you only interest on them. Death benefits will still remain intact and goes to a seconds beneficiary upon your death.