A common misconception: If I’m a named beneficiary on a life insurance policy makers the insurance company will automatically send me a check when my loved one passed. Wrong.
You need to be proactive to get the money you’re entitled to. Sometimes families depend on this money to stay afloat after the passing of the bread winner, so it’s important to act quickly.
Life insurance companies pay out more than $60 billion (yes, with a B) in life insurance proceeds to Americans each year, but a substantial number of policies go unclaimed because some people just don’t know what to do. Here’s how to make sure you get what you’re entitled to:
1. Find the Life Insurance Information: Company name, policy number, the amount of the policy, etc. If you have a life insurance agent you used to purchase the policy (or your loved for one used), the best place to start is notifying them of your loved one’s death. They will be able to assist you from that point instead of you being forced to navigate it alone. If you don’t have the policy number, you can call the company and they can look it up for you.
2. Death Certificate: The life insurance company will require proof of death via a sealed original death certificate – meaning the one you got from the coroner/medical examiner’s office. Side note: it’s always a good idea to order extra death certificates – better to have more than you need than not enough. You’ll need to submit the death certificate to the company.
3. Complete the Claim Paperwork: The insurance company will have a standard claim for and related paperwork that will need to be completed to begin the claim. Most can be found online. If you’re not sure where to find them, ask the point of contact where you delivered the death certificate for assistance.
4. Send in the Claim Paperwork: This will get the claim process started and get you closer to receiving the money you’re entitled to. You’ll also have the opportunity to state how you’d like to be paid – lump sum or installments.
5. Wait for the Check: Claims are usually paid quickly – within 1-3 weeks after the claim is initiated. In the meantime, it may be wise to meet with a financial advisor to discuss what to do with the money that’s coming.
Hundreds of millions of dollars in insurance proceeds go unclaimed each year. Follow the process above and your money won’t be included in that figure.
Cheers,
Paul A. Yokabitus
Author Bio
Paul Yokabitus
Founder & Estate Planning Lawyer
Paul Yokabitus is the founder of Cary Estate Planning, where he helps North Carolina families protect what matters most through wills, trusts, probate, and special needs planning. Known for his “planning, not paperwork” approach, Paul turns complex legal concepts into clear, practical strategies so clients feel informed and confident at every step. He has been recognized as a Business North Carolina Legal Elite attorney and a Super Lawyers Rising Star, and was named to the Triangle Business Journal’s 40 Under 40. A graduate of Campbell University School of Law, Paul lives in the Triangle with his wife, Alix, and their two sons.
Linkedin | Avvo | SuperLawyers
How We Help North Carolina Families
Paul and his team at Cary Estate Planning are fully committed to creating a personalized experience to develop thorough and comprehensive estate plans. They value their clients and go above and beyond to make sure that no details are missed. I would highly recommend Paul to anyone looking to create an estate plan.
I was referred to Paul by my Real Estate Attorney and I could not say enough about how exceptional the client service has been from everyone I spoke to. The communication is prompt and I feel like they really took the time to answer all my questions and set things up exactly as I wanted, but also recommended things to make it easier on my family down the line.
After attending one of Paul’s estate planning seminars, my husband and I knew we wanted Paul to assist us with our estate planning. His honest, professional approach to this necessary part of life put us at ease with the process. We will continue to recommend Paul and Cary Estate Planning.
We had a great experience working with Paul Yokabitus and the team at Cary Estate Planning to set up our Will and Estate Plan. The process was clear and easy, and in the age of COVID, our signing session was very well done, easy, and safe.
The Cary Estate Planning team will make sure that you have the information you need to be confident in your estate planning decisions. I learned so much from videos, a one-on-one in-person consultation, the website, emails, and a newsletter mailed the old fashioned way. The fee is very reasonable given the importance of estate planning. No matter the size or number of your assets, don’t procrastinate like I did!
Paul is a masterful attorney. He’s very good at taking your intentions and defining that into a durable Trust and Will. Best of all he is as simple and plain-spoken as you like. Or as fast as intellectual as you may be. It’s all about your your speed and your desired outcomes. Would strongly recommend this firm.
Trusted Estate Planning
Attorney Offices in Cary and Raleigh
Capability to meet virtually to help all NC residents
