What You Need to Know About Collecting Life Insurance Proceeds
Entrusted Legacy Law
Jul 11, 2022
Pennsylvania - Greater Pittsburgh Area
If you're looking to collect life insurance proceeds as the policy’s beneficiary, the process is fairly simple. However, during the emotional period immediately following a loved one’s death, it can feel as if your entire world is falling apart, so it’s helpful to understand exactly what steps you need to take to access the insurance funds as quickly and easily as possible.
Not to mention, if you’ve been dependent on the person who died for financial support and/or you are responsible for paying for the funeral or other expenses, the need to access insurance money can be downright urgent. Plus, unlike other assets, an estate’s executor typically isn’t involved with collecting life insurance proceeds, since benefits pass directly to a beneficiary, so this is something you will need to handle yourself.
With this in mind, we’ve outlined the typical procedure for claiming and collecting life insurance proceeds, along with discussing how beneficiaries can deal with common hiccups in the process. However, because all life insurance policies are different and some involve more complexities than others, consult with us, your Personal Family Lawyer if you need any support or guidance.
Filing A Claim
Death benefits are not automatically paid out from a life insurance policy. In order to collect the proceeds, you must first file a claim with the life insurance company. But before you start the claims process, you must first identify the beneficiary of the policy: are you the beneficiary, or is the policy set up to be paid to a trust?
We often recommend that life insurance proceeds be paid to a trust, not outright to a beneficiary. This way, the life insurance proceeds are protected from lawsuits, creditors, and even a divorce that a beneficiary may be involved with at the time they collect the funds.
In the event a trust is the beneficiary, contact us, your Personal Family Lawyer, so we can create a certificate of trust that you (or the trustee, if the trustee is someone other than you) can send to the life insurance company, along with a death certificate, when it becomes available.
In any case, you (or the trustee) will notify the insurance company of the policyholder’s death, either by contacting a local agent or by following the instructions on the insurance company’s website. If the policy was provided through an employer, you may need to contact the insured’s workplace first, so they can put you in touch with the appropriate insurance representative.
Many insurance companies allow you to report the death over the phone or by sending in a simple form and do not require the actual death certificate at this stage. Depending on the cause of death, it can sometimes take weeks for the death certificate to be available, so this simplified reporting option can dramatically speed up the process.
From there, the insurance company typically sends the beneficiary more detailed forms to fill out, along with further instructions about how to proceed. Some of the information you’re likely to be asked to provide during the claims process include the insured’s date of birth, date and place of death, their Social Security number, marital status, address, as well as other personal data.
Your state’s vital records office creates the death certificate, and it will either send the certificate directly to you or route it through your funeral/mortuary provider. Once you’ve received a certified copy of the death certificate, you’ll need to send it to the insurance company, along with all of the other forms the insurance company requires you to complete.
Multiple Beneficiaries
If more than one adult beneficiary was named, each person should provide his or her own signed and notarized claim form. If any of the primary beneficiaries died before the policyholder, an alternate/contingent beneficiary can claim the proceeds. In that case, however, he or she will need to send in the death certificates of both the policyholder and the primary beneficiary.
Minor Beneficiaries
Although policyholders are free to name anyone as a beneficiary, when minor children are named, it creates serious complications, since insurance companies will not allow a minor to receive life insurance benefits directly until they reach the age of majority, which varies between states—in some it’s 18, and others it’s 21.
If a minor child is named as a beneficiary, you would need to go to court to be named as the child's legal guardian in order to manage the funds until the child comes of age—and this is the case even if you’re the child’s natural parent. This is because unless you are specifically named as the guardian of the minor’s estate, you are not automatically considered the guardian of the child’s financial assets, even as their parent.
This is why you should never name a minor child as a life insurance beneficiary, even as a backup to the primary beneficiary. Rather than naming a minor as the beneficiary, it’s often better to set up a trust to receive the proceeds. In that case, the proceeds are paid into the trust, and whomever is named as trustee will collect the insurance proceeds and manage the funds for the child’s benefit until he or she comes of age.
Moreover, within the terms of the trust, you can also spell out exactly how you’d like the trustee to manage the money for the child and even how the child can use the funds once they’ve reached adulthood.
In any case, you should consult with us, your Personal Family Lawyer to determine the best options for passing on your life insurance benefits and other assets to minor children.
Insurance Claim Payments
Provided you fill out the forms properly and include a certified copy of the death certificate, insurance companies typically pay out life insurance claims fairly quickly. In fact, some claims are paid within one to two weeks of the start of the process, and rarely do claims take more than 60 days to be paid. Most insurance companies will offer you the option to collect the proceeds via a mailed check or transfer the funds electronically directly to your account.
Delayed Payouts
The payout of life insurance proceeds can be delayed for a number of reasons. Beneficiaries often face delays if the policyholder dies within two years of the policy being issued. This is due to the fact that most life insurance policies contain a contestability period.
Most contestability periods are typically between one to two years, and if the insured dies during this period, the insurance company can investigate the claim to ensure that the policyholder didn’t commit fraud on the policy application by lying about underlying health problems, family medical history, or other conditions.
That said, provided the insurance company doesn’t discover fraud or other issues with the application, it will most likely pay the claim once the investigation is wrapped up. If problems with the application are discovered, the insurance company might pay a reduced benefit or even deny the claim, depending on what is uncovered.
Payout may also be delayed when homicide is determined to be the insured’s cause of death and the beneficiary is a suspect. In this case, the payout is typically delayed until the beneficiary is cleared of any involvement in the insured’s death.
A few other common reasons insurance payouts may be delayed include:
The insured committed suicide within two years of the policy being issued.
The insured died during the course of illegal or criminal activity, such as a robbery or driving while intoxicated.
The insured omitted risky activities, such as smoking or skydiving, on the policy application.
Additional Information
Sometimes an insurance company will request you to send in a completed W-9 form (Request for Taxpayer Identification Number and Certification) from the IRS in order to process a claim. Most of the time, a W-9 is requested if there is some question or issue with the records, such as having an address provided in a claim form that doesn’t match the one on file.
That said, a W-9 is simply a way for the insurance company to verify certain information in order to prevent fraud, so don’t be alarmed if you’re asked for one. This is a common verification practice, and it doesn’t automatically mean the company suspects you of fraud or plans to deny your claim.
We’re Here To Help
While collecting life insurance proceeds is often a simple process, don’t hesitate to reach out to us if you have questions or need support in any way. As your Personal Family Lawyer, we are here to ensure the process goes as smoothly as possible for you during what is likely to be an extremely trying time. Contact us today to learn more.
This article is a service of Sharek Law Office, LLC. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life and Legacy Planning Session, during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life and Legacy Planning Session and mention "this article that was listed on SeniorsBlueBook.com" to find out how to get this $750 session at no charge.
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This process is essential for: Proving the validity of a will Appointing an executor (if there is a will) or an administrator (if there is no will) Inventorying and appraising estate property Paying outstanding debts, estate taxes, and creditors Distributing assets as directed by the willor by Pennsylvania intestacy laws if no will existsIn Pennsylvania, if a deceased person owned real estate or assets solely in their name, their estate must go through probate before assets can be legally distributed.The Downsides of Pennsylvania Probateand What You Can Do NextMany residents in Allegheny County, Butler County, Beaver County, Washington County, and Westmoreland County have heard that probate is a lengthy, expensive, and public process. Unfortunately, this is truewithout proper estate planning, probate can be costly and time-consuming.The best way to avoid probate in Pennsylvania is to plan ahead using strategies such as revocable living trusts, beneficiary designations, and joint ownership structures. However, if you are already in a position where probate is required, the best thing you can do is educate yourself and seek experienced probate legal assistance to complete the process as efficiently and cost-effectively as possible.How Is a Probate Case Started in Pennsylvania?Probate can be initiated by any beneficiary or creditor, but most often, the process begins when the Executor named in the will files the original will and a petition with the Pennsylvania probate court.If there is no will, a close relative of the deceased (such as a spouse, child, or sibling) typically files the petition to become the Administrator of the Estate.Choosing the Executor for a Pennsylvania EstateIf a valid will exists, the individual named as Executor will handle the probate processif they are eligible and willingIf no Executor is available or no will exists, any interested party (such as a family member) can petition the Pennsylvania Orphans' Court to be appointed as the Administrator of the Estate.Executor Compensation in PennsylvaniaUnder Pennsylvania probate law, Executors and Administrators receive compensation based on a percentage of the total probate estate value. This is designed to fairly compensate them for their time and effort in managing estate matters.However, Executors can be held personally liable for any mistakes made during the process. Given the complexity of Pennsylvania probate rules, its critical to work with a skilled probate attorney to avoid legal pitfalls.Do You Need to Go Through Probate If a Trust Exists?In most cases, no. If the deceaseds assets were properly titled in the name of a trust, probate is not required. Instead, the successor trustee will work with an estate planning lawyer to administer the trust and distribute assets.However, many families are surprised to learn that simply having a trust does not guarantee that probate will be avoided. Common mistakes include: The trust was not updated over time to reflect new assets. The decedents assets were never properly transferred into the trust.To ensure your estate plan works as intended, its important to work with an estate planning attorney who provides ongoing trust maintenance and reviews.Which Assets Are Subject to Probate in Pennsylvania?Assets that must go through probate include: Real estate, bank accounts, or investments owned solely in the deceaseds name Personal property and valuable assets without a beneficiary designationAssets that bypass probate include: Jointly owned property with Right of Survivorship Bank accounts or investment accounts with Transfer on Death (TOD) or Payable on Death (POD) designations Life insurance policies and retirement accounts with named beneficiariesHowever, some assets that normally bypass probate can still become subject to the process under certain circumstances. Consult with a Pennsylvania probate attorney to determine if probate applies to your specific situation.How Pennsylvania Intestacy Laws Distribute an Estate When There Is No WillIf no valid will exists, Pennsylvania intestacy laws dictate how the estate will be distributed:1 Spouse (If married, a portion or all of the estate goes to the spouse)2 Children (If the deceased had children, they inherit next)3 Parents (If there are no children, parents inherit)4 Siblings (If no spouse, children, or parents, siblings inherit)This highlights the importance of estate planningwithout a will or trust, the state determines who receives your assets.How Long Does Pennsylvania Probate Take?The timeline for Pennsylvania probate varies depending on the estates complexity. On average: Minimum of 12 months for simple cases Up to 2+ years for complex estates, disputes, or tax-related mattersWhat Are the Costs of Probate in Pennsylvania?Probate costs in Pennsylvania include: Attorneys fees (Based on estate size and complexity) Court filing fees Executor fees (set by Pennsylvania law) Appraisal and valuation fees Publication and administrative costsIn more complex estates, additional fees may apply, increasing probate expenses and delays.How to Choose the Right Pennsylvania Probate AttorneySelecting the right probate lawyer in Pennsylvania is crucial. Many general practice lawyers dabble in probate law, but only experienced probate attorneys have the knowledge to navigate complex estate matters efficiently. You do NOT have to use the attorney who prepared the will. You have the right to choose a specialized probate lawyer who understands the nuances of Pennsylvania estate law and can expedite the process. Avoid costly mistakes. Working with an experienced probate attorney prevents errors that could increase costs, cause delays, or result in legal disputes.Contact Entrusted Legacy Law for a Complimentary Pennsylvania Probate ConsultationIf youre ready to begin the probate process in Pennsylvania, our Allegheny County and Butler County probate attorneys are here to guide you.Call us at 412-347-1731 to schedule a complimentary 15-minute consultation to determine your next best steps.During your consultation, we will: Answer your probate-related questions Provide guidance on estate administration Help you navigate the Pennsylvania probate process efficientlyWe are here to relieve the legal and administrative burden during this difficult time and ensure that your loved ones estate is handled with care.