Life insurance provides beneficiaries with an economic guarantee in the event of the insured’s death, partial or total disability. The money can be used to pay the cost of mortgages, rent, education, health, and debts left by the policyholder at the time of death. Everything will depend on the type of policy, and the conditions agreed with the insurance company.
For many, the benefit of life insurance is clear up to this point (visit this infographic on what life insurance is if you need more information). However, when the unfortunate moment arrives, the question always arises: how to collect life insurance? Generally, the beneficiaries do not handle precise information on the procedure to follow, and they even think they need a lawyer to start the claim process.
The truth is that by following a few basic steps, you can collect life insurance at no cost. Below we will detail some actions that you should take into account.
Inform the insurer of the claim
It is essential that you inform the insurance company of the loss, whether the insured died, was injured, or is visibly disabled. It is also relevant to report the circumstances in which the events occurred.
When you complete this step, try to do it without letting much time pass after the event. Although it is advisable not to let more than three or five days go by, some insurers set up to two years to notify the event. Beforehand, it is convenient to review the specific point about the periods established for this purpose in the contract.
A common question about claiming life insurance is who makes the formal application to the insurer. According to the selection of the type of life insurance, this policy can be collected by the beneficiaries of the life insurance designated by the insured or by the policyholder himself, depending on the terms of survival and disability.
Certified copy of death certificate
Before taking any advice on how to claim life insurance, make sure you have the certified death certificate of the insured. Without that, the road can become longer and more tedious. You should have at hand an official copy of the action taken by the Public Ministry.
Insurers also request other documents of interest according to the type of death. If it is a natural death, the following requirements must be met:
- Civil registration of birth of both the insured and the beneficiaries.
- Copy of the identification documents of the beneficiaries and the guarantee.
- Complete medical history of the insured.
On the other hand, if there was an accidental death of the insured, the following documents will be taken into account:
- Civil registration of death.
- Official record of the removal of the body.
- All documents concerning the funeral service.
The number of documents may vary depending on the insurer; even in the process, other additional requirements can be added. For greater security, you can request detailed information from the auto insurance company to avoid missing a document before starting the claim.
How much is the collection of life insurance effective?
- Once all the required requirements have been delivered, the insurer has a specific time to make the payment stipulated in the life insurance effective. In most cases, in Colombia, insurance companies have a term of 30 days to pay, counted from the date on which the applicant delivered all the documentation.