Life insurance policy holders should carefully plan ahead so their beneficiaries are promptly paid their life insurance money. The beneficiary should be aware the pay out procedures of the life insurance carrier. California adds some protection On October 2nd Governor Jerry Brown of California signed a new law requiring life insurance companies to get approval […]
Social Security Numbers for Life Insurance: Locating Beneficiaries Trumps Privacy Concerns In a perfect world when the insured of a life insurance policy dies, the beneficiary soon after notifies the company and files a death claim. But what if the beneficiaries are not aware of the policy’s existence or have died themselves? Death creates a […]
How does a life insurance company know that the policy holder has died? Traditionally it has been the beneficiary’s obligation to notify the carrier and file a claim. Carriers require a death claim form and a copy of the death certificate be submitted. But what if the beneficiaries are unaware of the policy? Unfortunately that […]
Protective Life’s Income Provider Option allows the policy owner to structure installment payments as a the death benefit. A partial initial lump-sum payment is also available. For grandparents Protective offer GrandLegacy. Preset installments for a life insurance payout is an innovative alternative to a lump sum payment, especially if a setting up a trust is prohibitively expensive. Since […]
How is your life insurance carrier going to know you’ve died? Carriers traditionally require the beneficiaries to notify them. But what if your beneficiaries don’t know you have a policy or have died themselves, and your life insurance agent no longer is in touch with you? Some light was shed on this […]