ÌìÃÀ´«Ã½

To begin the claims process:

• Get several copies of the death certificate.
• Call your insurance agent. He or she can help you fill out the necessary forms and act as an intermediary with ÌìÃÀ´«Ã½ company. (Don’t keep life insurance policies in your safe deposit box. In most states, safe deposit boxes are sealed temporarily upon the death of the owner, which can delay the settlement. ) If you don’t have an insurance agent, or don’t know who the deceased's agent was, contact the company directly.
• Submit a certified copy of the death certificate from the funeral director with the policy claim. Once the claim is submitted, a settlement should be issued to you shortly. Once a life insurance claim is submitted, you must determine how the proceeds will be distributed. These are some of the options available:
  • Lump sum—You receive the entire death benefit in a single amount.
  • Specific income provision—The company pays you both principal and interest on a predetermined schedule.
  • Life income option—You receive a guaranteed income for life. The amount of income depends on the death benefit, your gender and your age at the time of the insured's death.
  • Interest income option—The company holds the proceeds and pays you interest on them. The death benefit remains intact and goes to a secondary beneficiary upon your death.