Losing your loved one can be emotionally and, many times, financially crippling. In those circumstances, filing any sort of insurance claim can sound cruel and calculative.  However, in hard times such as these, any financial support is useful.  Therefore, being a beneficiary of the policy, you must file all the necessary paperwork in order to receive the settlement money.  Term life insurance is a less expensive policy that compensates the beneficiaries in the event of the insured’s death during the specified term.  It is a pure death benefit insurance type that is generally used to cover financial liabilities such as funeral costs, mortgage debt, and college education for kids. Here are some things that you need to know when filing for a claim form for a term life insurance policy:

Usually, the important documents such as the life insurance policy, mortgage documents, etc. are kept in a safe location. Make sure you find them and review the policy documents to understand the policy wordings.

The documents needed generally include the birth certificate of the insured, residence information, policy numbers and the death certificate showing the date and cause of death of the insured.

Sometimes, life insurance companies send insurance adjusters to investigate the circumstances under which the insured died or if they need more information about the insured’s death to process the claim.

Following the submission of the relevant paperwork, the insurance company must assess your claim, verify that the policy is valid and check that all the conditions have been met. However, if the death certificate is missing, the claim process will be delayed consequently.

The claim approval process, in most cases, takes a short period of time. It can anywhere from several days to a couple of weeks for your settlement to be handed out. Once the claim is accepted, you should receive a settlement as instructed in the policy. You may receive a lump sum or installments over a period of time, as per your preference or the insured's decision.   

Filing a term life insurance claim following the death of your family member can sound very illogical. Luckily, the life insurance claim process is not as difficult as it sounds. Of course, the settlement can never replace your loved one but it can provide you with a financial solution for the time being.

When filing a term life insurance claim, contact your agent or broker to learn in detail about what documents are needed for the claim.  However, in case you do not know the agent that the insured dealt with before, you can call the nearest office of the company or even go on the company’s website and ask about the claiming process.  They will provide you help with the procedure of a life insurance policy claim and request that you arrange the essential paperwork.