I am on my dads life insurance policy how do i claim the money since he has passed?

Question

I am on my dads life insurance policy how do i claim the money since he has passed?

Answer 1

If you know the agent (or have their contact info), get a hold of them and let them deal with the company.  Otherwise, call the company directly.

Anyone can file a claim.

Answer 2

Well, you can't "claim the money", you can only file a claim, and the insurance company will pay as the contract specifies.  

But you call the insurance company, and ask for the claim paperwork.  You'll also need to send them a copy of the death certificate.

Answer 3

Answer from a General Insurance Agent

You do "NOT" need an executor to claim your life insurance benefit.

Life Insurance proceeds are for the benefit of the survivors (named Beneficiary) not for the benefit of the estate.

All you have to do is telephone the Insurance Company and explain that your father has passed. They will ask you to provide them a certified Death Certificate. You can obtain a certified death certificate from your local coroner’s office usually within an hour or so for a very nominal fee, usually about 15 or 20 dollars and is merely for the certification of the certificate.

It is a good idea to call the coroners office and let them know your coming so they may have the death certificate ready when you get there. I always recommend getting a few extra copies, all certified from the coroner at the same time in the event you need them later for creditors, other family members and so forth.

The Insurance company will issue a check to the named beneficiary(ies) as indicated on the policy. Some life insurance companies will even express you the check within 48 or 72 hours of receiving the death certificate, some will even accept a fax. Some companies will take full advantage of the 60 day rule and make you wait that long.

You do "NOT" need an attorney or executor to file a claim on a life insurance policy.

Life insurance proceeds in the U.S. are "NOT" considered income.

They are "NOT" even considered part of any inheritence.

Life insurance proceeds in the U.S. are also "NOT" taxable, so you will not need to pay any income tax on the proceeds.

Life insurance with a designated beneficiary does "NOT" need to be involved in any probate procedure.

The only reason for a life insurance policy benefit to be in the hands of an attorney,exector or a probate court is if your father failed to name a beneficiary, in which case the benefit would be paid to the estate which would likely get tied up in a probate court

As you already stated that you are "on the policy" I presume you mean that you are the beneficiary.

A probate attorney will come up with all kinds of phony reasons you need to sign your benefit rights over to him ( Don't Do It ) and all kinds of unnecessary fees to charge you or the estate even though the designated benefit has nothing at all to do with the estate. Other Executors can also sometimes be just as sleazy.

Don’t let an attorney devour the proceeds of a life insurance policy through unnecessary litigation. That's like dangling a bag of candy in front of of a child. "Just Don't do it".

Good luck and condolences on your loss.

Answer 4

The executor will need to submit a death certificate to the company as proof that he has died, and they will issue checks to his listed beneficiaries.

EDIT:  I am not wrong, Alan.  I said basically the same thing you did.  The insurance company will need to receive a death certificate.  Usually, the executor will be given several that they can issue where needed.  The executor is often a family member.  I know this from personal experience. So why pay for a death certificate, when the executor can file for you with the insurance company or give you one they already have?

I do agree that involving a lawyer will cost more money than they are worth, but the system is set up to make it difficult - but not impossible -  for a layman to do the work of an executor.  The more complex the estate, the bigger the headache which is why so many people do hire attorneys.