Collecting life insurance is always a bittersweet process. One feels bad, without doubt, because of the death of a loved one. In fact, it is an understatement to say that one will feel bad. The loss of a loved one is as tragic as the loss of his/her own life. However, the pain is somehow eased knowing that the loss is not for naught. After all, life goes on with deaths of loved ones. So, we must learn to move on.
Fortunately, with the life insurance of the one who passed away, the adjustment is somehow eased a bit. But one must make sure that everything is ready so that when he or she decides to collect the insurance, everything will go smoothly. Here are some things that you need to consider in collecting the life insurance:
Basically, the insurance company would ask several data from you, about the insured. These data will range from the mere time and the nature of death, and other personal information concerning the insured. These information are required by the insurance agency for verification and other legal purposes.
What to do in case of loss
What if you lost some important documents, the death certificate, for example? Would this mean that you would be unable to collect the insurance payment? Fortunately, this is not the case. If you lost the policy itself, for instance, all you need to do is to look for a receipt of policy payment. If you find one, you will be able to find the insurance company, and you would be able to contact them at once.
Social Security benefits
Of all the benefits that can be claimed by the surviving members of the family, this is perhaps among the easiest to claim. This is because one does not need to be of retirement age in order to qualify as claimant for the benefit. This means that spouses, legitimate children, and even ex-spouses can claim this type of benefit.
Of course, this ease has a drawback: the amount that you can get is not really that big. Still, any amount, however small, will be helpful.
Monthly survivors benefit
This type of benefit can also be collected from the Social Security Administration (SSA), much like the one-time death benefit mentioned above. However, claiming this type of benefit is more difficult. This is because, once you are approved, you will be able to receive the benefit on a monthly basis.
Initially, you would be interviewed by people from the SSA. They would do background checks. More often than not, if all your papers and documents are there, the approval is guaranteed.
One of the biggest mistakes of the insured is that the insurance companies give the payment automatically upon death. This is not the case. More often than not, these companies seldom exert an effort to determine the status of their clients. Thus, if you yourself do not do the job, you will end up bringing your policy to your grave.