Unappealing and rather unnerving is the subject of death, isn’t it? Why talk about something so unappealing? Death and its consequences are the two subjects that the human race has always feared to talk about. But has any problem in the world ever been solved without deliberately discussing it? Of course not! Likewise, we cannot figure out potential ways of dealing with the repercussions of death unless we choose to talk about it and consequently plan for it.
I chose to talk about my death, with my wife. Earlier, I was proud of the fact that buying a Term Insurance Plan was one of the smartest financial decisions I ever took towards protecting my family from uncertainties. But when I pondered about it a little, I realized that I had fulfilled only half of my responsibility of securing my family’s financial future. Because the ones who would actually be making the claim when the need arises were clueless how they should go about it. That’s when I decided to acquaint my spouse about my term plan so that she at least has a hassle-free claim procedure amid the mental and emotional trauma that they might be going through already. And now I am certain that she would be able to handle the complexities of the sudden financial decisions that she may have to make if I kick the bucket before my time.
I’m sure you must be wondering what I acquainted her with regarding my term plan. You need not worry! I am listing here all the necessary things that your spouse needs to do to make sure that your term plan claim doesn’t get rejected. As you go on ticking off each item in the list (by not just reading them but also familiarizing her with the same), you will realize that it brings confidence and peace of mind to you. So here we go!
- Get the Death Certificate – The Death Certificate is one of the most important documents that your spouse requires. It is needed for legal purposes and even other institutions like his insurer, bank, credit card company, and employer will ask for it. So, one must first register the death with the concerned authority and obtain the Death Certificate and keep several copies of it so that they’re handy when required.
- Call the insurer and inform them about the demise – It is very important to notify all the important institutions like the employer, the bank officials, and of course the insurance company of the unfortunate demise. While informing the insurance company, make sure to obtain the necessary details to begin claim application.
- Organize all the financial documents and file a claim – Once it is certain that the policy is active, the spouse needs to gather all the financial documents that are needed to raise the claim. Organize them well and start the procedure of filing the claim. The spouse must also keep in mind that the help of the insurance agent, from whom the policy was bought, can be availed.
- Pay out all the necessary outstanding bills – Paying all outstanding bills would become very essential because you do not want the already mourning family members to suffer further with unnecessary interruptions. Electricity bill, gas bill, phone bill, credit card bill, rent (if any), should be among the first priorities and must not be pushed for later.
Go for an Income Replacement Plan – At times, when the spouse is not financially savvy, it is suggested to go for an income replacement plan. Insurance companies have designed some life insurance products where the beneficiary first receives a certain portion of the coverage as a lump sum amount while the remaining portion is given out as a regular monthly income to take care of smaller financial needs. This ensures that the family is receiving a regular income in case it is unable to take major financial decisions soon after the demise of the primary earning member.
To conclude, you must know that your spouse and family members will already have lots of things to deal with after your death and may not be in a state of mind to think effectively when it comes to money. And they cannot become financially savvy overnight. You need to instill in them these things gradually to help them mature into better financial decision-makers tomorrow.
Last but not least, don't forget to let your loved ones know that whenever they need claims assistance, OneInsure will be there to assist the family in settling the claim. They can reach us at 86559-86559 or email@example.com.
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