How long should I have to wait to recieve a death benefit payout?

Question

My son's father died at the age of 51 from cancer over a year ago. He made me the beneficiary of his death benefit (insurance) and superannuation. The company is Mercer and the decision has been made by their trustee that I will recieve 100% of the amount to hold in trust for my son. However it is taking a long time for the final stages of the process to proceed and for us to recieve the payment. It is well over a year ago that the death occurred. Has anyone out there been a beneficiary also and has it taken this long to recieve payment? Is this usual?

Answer 1

In most cases, it takes about 2 weeks or less.  I have heard of group insurance taking from 6 months to a year to pay out....if it ever does.

If your son's father named you the beneficiary, then YOU have to decide what to do with it.  The insurance company can not decide that for you.  They can suggest it though.

If they don't finish soon, I would suggest getting a lawyer.  On the plus side, at least in the US, you would be getting interest on the money until they do pay out.

Answer 2

it is not usual, in your case it is taking long time generally it takes 45 to 60 days to clear the claim