The purpose of a life insurance policy is to protect your family and your other assets when you are gone.
Now, we’re sure that you have heard some insurance horror stories wherein the beneficiaries weren’t able to claim the money from the insurance company due to many reasons like unfinished payment, elapsed claiming time, lost receipt or certificate of full payment, incomplete requirements, or a policy that the family wasn’t even aware of at all!
Instead of comfort, these are added stress to the beneficiary. Bear in mind that it is not the insurance company’s responsibility to inform your beneficiary about their benefits when you die, that is yours! (While you’re still alive, that is.)
Here are some tips so that claiming would be easier for your family:
1.Get an insurance policy from a large company
Sa malaking insurance company, mas organized ang proseso ng pag-claim. It is also easier to look for information about the company’s claiming process online. And since it is a big company, there is a smaller chance for it to be bankrupt. (Take note: smaller chance, but still possible)
2.Know all the requirements of claiming
Go to the company website or ask the insurance agent who sold you the insurance package. You should know ALL the requirements and process of claiming. List them down and try to accomplish what you can.
You can start by getting the basic requirements like birth certificate, marriage certificate, and others to make it easier for your beneficiaries. This is especially true, lalo na kung bata pa yung beneficiary. Sino ang mag-aasikaso nun pag patay ka na? Ikaw parin?
Dapat, handa na ang lahat ng requirements mo. Dapat death certificate nalang ang idadagdag dito. Morbid? Yes, pero bakit ka nga ba uli bumili ng life insurance?
3.Collect everything in one envelope
Once you’ve gathered the basic requirements, put everything in one envelope. Make sure that you label it properly and have a checklist of requirements that your beneficiary still has to get.
Also, label the envelope properly. Put the name of the insurance company, contact number, website, insured amount, and the name and number of the person who sold you the policy.
It is better if your family knows the agent who sold you the product personally. This way, they will know who to go to after you’re gone. It’s best to do these things while you still have time, because who knows, right?
4.Let the beneficiaries know that you have an insurance package
You should inform your spouse, children, or whoever your beneficiary is that there is an insurance package and how much they will get.
Some people never mention this information to their beneficiary, na may makukuha sila kapag may di inaasahang pangyayari. Kasi, baka nga may mangyari! Kung duda ka sa kanila, bakit mo pa sila ginawang beneficiary?
Seriously, who will tell them about your policy kung patay ka na?
It’s sad that family members find out about the insurance years after, and worst, it’s beyond the claiming deadline at wala na silang makukuha pa. Sayang naman ang pinaghirapan mo para sa kanila.
5.Make sure that you pay the monthly premium regularly
Don’t let the late charges accumulate and skip on paying the monthly fees because if something happens to you and the payment is not updated, it is possible that the policy will be void and your beneficiaries won’t get anything just because you forgot to pay a few hundred pesos.
6.Ask for the certificate of full payment
Once you’re finished paying the insurance premium, don’t forget to ask for a certificate of full payment from the insurance company so that there will be a proof when your beneficiary has to claim.
If the insurance is not yet fully paid, be sure to keep all the receipts in case it will be needed in the future.
Did you know that even a centavo of unsettled payment may cause for your beneficiary to not get anything?
7.Maintain contact with the insurance company
After you complete your payments, keep contact with the insurance company. If your current agent retires or leaves the company, make sure you know who will replace him or her.
Keep yourself updated with the requirements, procedures, and forms because they keep on changing it.
We hope by now you see how important it is to take the time to monitor your investments like your life insurance. After all, the very purpose of this investment is for your family to be secure even after you are gone. This is more than just money, but a legacy that you will leave to them.