Family members face overwhelming emotions following a death so paperwork and insurance claims should not be their concern. The proper completion of life insurance claims remains essential to provide financial support to your family during their period of loss. Knowledge about the claims procedure makes the process less challenging when someone passes away.

The essential steps involved in filing a life insurance claim

Notify the insurance company

The SOGO Life Insurance claims procedure begins when policyholders inform their insurance company about their passing. You must contact the company’s claims department to start reporting a policyholder’s death. You must supply the life insurance company with policyholder identification details including name and policy number as well as the exact date of death. Reporting claims to insurance companies requires using their dedicated phone lines or digital portals and it delivers optimal results when you report the claim immediately after death occurs.

Gather necessary documents

After insurance notification you must collect multiple documents which need submission to the company. You must provide the insurance company with the death certificate which proves that the policyholder has passed away. When death occurs the insurance company may require supplementary documents including policyholder identification documents and medical records as well as autopsy reports when the cause of death remains unclear. Insurance companies typically need to view the life insurance policy but they primarily seek access to electronic versions of this document.

Fill out the claims form

The life insurance claim form requires completion after obtaining all needed documents. The form demands information about policyholders and beneficiaries and the events leading to death. Submitted information that is truthful and accurate helps avoid claim delay and denial situations.  Insurers make the claim form accessible through their website or will send it to you upon your request. After finishing the form send it together with necessary documentation to the claims department for assessment.

Payout of the death benefit

The insurance company distributes death benefit payments to beneficiaries once it approves the claim request after the assessment process.  Life insurance beneficiaries commonly receive the ability to decide their payout method. Life insurance death benefits are tax exempt, allowing beneficiaries to receive all amounts without taxation. Beneficiaries receiving life insurance payout funds from policies with accumulated cash value or interest must pay taxes on those earnings.

Finally

It is important for a policyholder to understand the life insurance claims process in order to get your family the support they need at a sad time. In this way, you can avoid additional stress and time consumption in the course of receiving or processing your claims during a difficult time.