The manner of a person’s death can affect when and whether the death benefit is paid to beneficiaries. Life insurance companies in Tyler, TX may want to make sure a beneficiary didn’t murder the policyholder to get the death benefit. Most of us think this only happens in the movies, but there are a few real-life scenarios. 

What Counts As Suicide?

A person ending their own life, as determined by experts, counts as suicide. Most people view taking medication that can ultimately end a person’s life as suicide, but that’s not necessarily the case if that’s their only option. For example, a heart patient whose only option left is to take medication, but that same medication will ultimately cause a heart attack. In this situation, the death is commonly stated as a heart attack. 

Family or loved ones thinking a person committed suicide may not be enough. There may be an autopsy or investigation to rule out murder, especially if someone had a high net worth, a large death benefit to be paid out, or family disagreements. 

How Does It Impact The Death Benefit?

Companies like EasTex Insurance usually wait until an investigation is complete before releasing the death benefit. However, they don’t complete their own investigation. Instead, they may speak with the police or ask to receive police reports to ensure the person wasn’t murdered. Many policies have a clause that the benefit isn’t released if the person was murdered, but it varies by company. 

Agents here at EasTex Insurance can explain more about how the death benefit works when there is a murder or suicide. Contact us today to learn more. We’re currently serving the Tyler, TX area. 

 

Knowing how to handle the claims part of life insurance can relieve a little bit of the stress caused by the passing of someone you cherished in life. The process isn’t complicated, but it does involve a few important steps that families should be ready for. EasTex Insurance serves the residents of Tyler, TX, and the surrounding areas. Here are some helpful tips from your insurance rep to help you get through this part after the passing of a loved one.

Finding the Policy

Ideally, the person who passed away has told you where the life insurance policy is. But if not, you might look through the digital and hard copies of their important papers. It might be stored with their attorney or a trusted family member. Getting your hands on the policy is a good starting point.

Getting the Necessary Paperwork

The insurance company may ask for a copy of the death certificate. It sounds morbid, but it’s a necessary step. You can acquire this from the hospital, morgue, or other involved family members.

Submitting the Claim

Your insurance representative at EasTex Insurance serving Tyler, TX, will be able to give you a hand with this part. Once the claim’s been officially submitted, you can expect a waiting period of anywhere from a few weeks to a few months. If the cause of death was straightforward or imminent due to disease, it may be on the shorter end. If there are questions or complications, then it will be longer.

However it pans out, it’s nice to know that your loved one was thinking of you as you are thinking of them now. If you have any questions about filing the claim or how it will be paid out, contact us.