How to Ensure Your Life Insurance Benefit Will be Paid
Whether you’ll leave a spouse and children behind or other loved ones such as siblings or elderly parents, with life cover you can make sure they are looked after should you pass away.Taking out life insurance is one of the most important things you’ll ever (have) to do, and the sooner you get it sorted out, the better.It can be effectively incorporated into your portfolio if you know and understand how the death benefits for the same will be paid.Even if you are a stay-at-home-mom who doesn’t provide an income, you will still leave a major financial gap should you pass away as you run the household and take care of all the domestic aspects of the family.
On an average, life insurance benefits are paid when the insured person has died.Insurance companies mostly pay out the benefits within thirty days of the insured person’s death.An insurance company will make sure that the claims are verified and not fraudulent.An individual can order some death certificates that can be provided in original to each of the insurance company the insured person has insurance to be claimed.It is essential to accurately provide the right documents on time, to expedite your process and claim the benefits faster.
Take out life insurance while you’re young and healthy
It is important to take out life insurance coverage the soonest possible, preferably when you’re still young and healthy and before your have a family that depends on you.
Compare and contrast the options
Do some online-research to compare various life insurance cover packages and narrow down your options.
You should not be under-insured
Many life insurance policy holders are under-insured and most are not even aware of it.
Cheap policies does not mean quality
Paying a bit more by taking out life insurance from a reputable company will generally be well worth your while.
Stick to the facts
Health problems that you have managed to conceal initially may come to light at a later stage, resulting in non-payment or expensive court battles for your family members.
Ask yourself too many questions
What would happen to your loved ones if you died tomorrow?Would they be able to afford to pay for your funeral, your debts and your medical bills? Would they be able to afford to support themselves in terms of monthly bills, school fees, rent or bond repayments and medical aid?They should be able to answer all the questions.
Though life cannot be priced in monetary terms, we can still accumulate this saving to support our beneficiaries even in our absence or in the absence of our regular income.