How to Ensure Your Life Insurance Benefit Will be Paid
Whether you’ll leave a spouse and children behind or other loved ones such as siblings or elderly parents, with life cover you can make sure they are looked after should you pass away.Life insurance is one of the major investment plans when it comes to long-term financial planning.It can be effectively incorporated into your portfolio if you know and understand how the death benefits for the same will be paid.Even if you are a stay-at-home-mom who does not earn an income on a monthly basis, you will still leave a major financial gap should you pass away as you run the household and take care of all the domestic aspects of the family.
The beneficiary needs to file a death claim with the insurance company by submitting a certified copy of the insured’s death certificate.A beneficiary needs to take a few important steps to ensure that the death benefits are paid out to them as quickly as possible.An insurance company will make sure that the claims are verified and not fraudulent.Life insurance plans and policies are the best way to provide financial support in the unfortunate event of a person’s death.It’s always advisable to consult your agent, or IRDA Certified professional about death benefits and claims in advance.
Take life insurance while you are young and healthy
By doing this will save you substantially compared to taking out life insurance when you’re older and have dependants.
Compare as many options as possible
Do some online-research to compare various life insurance cover packages and narrow down your options.
You should not be under-insured
Many life insurance policy holders are under-insured and most are not even aware of it.
Beware of very reasonable policies
Remember that saving a little bit on premiums every year by taking out life cover at a risky insurance company may not work to your advantage in the long run, come crunch time.
Stick to the truth
Life insurance companies do thorough investigations before approving applications and of course, before paying out large claims.
Ask yourself these questions:
What would happen to your loved ones if you died tomorrow?What does your investment portfolio look like?Would they be able to afford to pay for your funeral, your debts and your medical bills?They should answer all your questions.
One of the most important aspects of getting the claims is to reach out to your agent as well as the life insurance company immediately.