A caring solution to help you plan for the future and settle affairs after a loss.
Submit life or final expense insurance claim
If the deceased person had a policy, you can collect life insurance or annuity benefits. This benefit may go either to the estate or to an individual beneficiary.
Here are the steps and links for filing your claim:
Find the life insurance policy document. See our to-do on finding needed documents. The deceased’s employer may also be able to help with this process. You will also need the death certificate.
Figure out who is the beneficiary or beneficiaries:
If there is a named beneficiary, they can connect the policy directly and it is not considered a part of the estate
If there is not a named beneficiary, the death benefit can go into a trust for the estate
Decide how you want to be paid:
Lump-sum (paid all at once)
Pros:
You don’t have to worry about figuring out how to pay for the funeral and mortgage
You don’t have to pay taxes on it
Cons: Potentially lower payments
Annuity (annual payment over several years):
Pros:
Potentially higher payments
May make more sense with your money management style
Cons:
If you die before collecting all of the payments, you may not be able to transfer them
You may have to pay taxes on it
Submit claim form(s). Here are links to the most common forms with their specific instructions: