How to File a Whole Life Insurance Claim

Losing a loved one is difficult and there will be many important things to contend with as you move through the grieving process. Planning the funeral and overcoming the financial strain of the loss is a huge burden, but can be eased if your loved one planned for death by securing a whole life insurance policy. In order to receive the death benefits to which you’re entitled, you’ll have to file a whole life insurance claim with the life insurance company. Since each company is unique and each type of policy has its own guidelines, you’ll want to gain access to whole life insurance information as you move through the claims process.

What is Whole Life Insurance?

Before you file a whole life insurance claim, you may want to understand what this type of coverage includes. Whole life coverage comes in several categories and can be for various coverage amounts. The main distinction of whole life when compared with term life or other coverage options is that the premium payments for whole coverage would have gone directly towards the cash value of the policy. The policy will also stay constant throughout the life of the policy, which is an added benefit. The two main types of whole life insurance are:

• Traditional - Requires that monthly premiums be paid throughout the life of the policy and gives the policyholder the freedom to increase or decrease the death benefit at any time.
• Single-Premium - Offers the convenience of one lump sum payment, which can be easier for those with access to money in advance so they can avoid dealing with monthly premiums.

Filing a Whole Life Insurance Claim

When it’s time to file your claim, you’ll want to gather whole life insurance information from the life insurance company and from whom the policy was purchased. Each company will have specific guidelines, but you can generally expect to fill out required paperwork and provide information such as a death certificate, cause of death, and policy number with the paperwork. When you file the claim, the actual insurance policy will come in handy, as it will provide you with the claim guidelines. Contacting the insurance company is always helpful, as they can usually assist in the claims process. The whole life insurance policy was created to ease the financial burden of the loss and should cover things like funeral costs, medical expenses, and educational costs.