Unappealing, rather unnerving is the subject of death, isn’t it? Why talk about something so unpleasing? Death and its consequences are the two subjects that human race has always feared talking about. But has any problem in the world ever been solved without deliberately discussing it? Of course not! Likewise, we cannot have the potential ways of dealing with the repercussions of death figured out, unless we choose to talk about it. I chose to talk about it too, to my wife. Earlier, I was proud of the fact that buying a Term Life Insurance Plan was one of the smartest financial decisions I ever took towards protecting my family from uncertainties. But when I pondered a little deeply, I realized that I had fulfilled but 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 of how they should go about it. That’s when I decided to acquaint my spouse on 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 when I kick the bucket.
I’m sure you must be wondering what all acquainted her with about my term plan. You need not worry! I am listing down below all the necessary things that your spouse needs to do to make sure that the 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, it brings to you confidence and peace of mind. So here we go!
- Get the Death Certificate – Death certificate is one of the very important documents that your spouse may require to give it for legal purposes or to other institutions like your insurer, bank, credit card company, employer, etc. So one must first register the death to 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 with claim application.
- Organize all the financial documents and make 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 raising the claim. The spouse must also keep in mind that the help of the insurance agent, from whom the policy is 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 the unnecessary interruptions. Electricity bill, gas bill, phone bill, credit card bill, rent if any, should be 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 the 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 over a night. You need to instil in them these things gradually to build them into better financial decision makers tomorrow.
Last but not the 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 at firstname.lastname@example.org.