How to Collect on Old Life Insurance Policies

When you are the beneficiary of a life insurance policy, you should claim the death benefit as soon as possible. If you do not claim the policy, the insurer will hold the money for you until a claim is made. However, claiming the funds sooner, rather than later, may make it easier to pay off any debts left behind by the insured individual. Regardless of how old the policy is, you should know how to collect on your benefits.

Things You'll Need

• Life insurance policy number
• Death claim form
• Copy of death certificate

Instructions

1. Gather all of the life insurance policy information. You may need to call the life insurance company to request the policy of the deceased. You'll also need to request the death claim form to file a claim for death benefits.

2. Get a copy of the death certificate. A copy of the death certificate can be obtained from the Office of Vital Records.

3. Fill out the death claim form and turn it in with the copy of the death certificate. You must include the name of the deceased and the date of death on the death claim form. Once your death claim has been processed, you will receive the death benefit from the insurance company.

References

• "Practicing Financial Planning for Professionals (Practitioners' Edition), 10th Edition;" Sid Mittra, Anandi P. Sahu, Robert A Crane; 2007
• "Life Insurance;" Kenneth Black, Jr., Harold D. Skipper, Jr.; 1994

Resources

• Vital Records: United States Birth Certificates, Death Records & Marriage Licenses