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Life insurance benefits are not paid automatically. If you are the beneficiary of a life insurance policy, you must file a claim in order to receive any money. Often, this is as simple as contacting your insurance agent and the deceased’s employer and filling out some paperwork. You will need to provide each insurance company with a certified copy of the death certificate.

However, if this is the only step you take, you may be missing out on other life insurance benefits to which you are entitled if you fail to locate all of the life insurance benefits that the deceased was entitled to. If you spend time uncovering these hidden policies, you may end up with a great deal more money from life insurance than you expected.

Finding individually owned life insurance policies

Your spouse or family member may have owned one or more permanent or term life insurance policies.

Individually owned term or permanent policies are what most people think of as life insurance. These policies are purchased by one person and pay benefits when the insured person dies. If your spouse or family member owned one of these policies, he or she probably kept it with his or her important papers in a file or in a safe-deposit box.

However, if you know that your spouse or family member owned an individual policy and you can’t find it, call his or her insurance agent or company to check. It may be wise to review canceled checks to see if you can locate any premium payments to insurance companies. If you know that there was a policy but you can’t find it, check the Internet or call your state insurance department for the names of companies that may, for a fee, help you locate a policy.

Finding group life insurance policies

Group life insurance policies provide coverage to many people under one policy.

Group insurance policies may be issued through an employer, bank, credit agency, or other professional or social organizations, and they often pay benefits in specialized circumstances. Because the group holds the actual policy, the insured person receives a certificate of insurance as proof that he or she is insured. Look for these certificates in your spouse’s or family member’s personal papers, files, and safe-deposit box. If you can’t find any certificates, this doesn’t mean that your spouse wasn’t insured. You should still check with your spouse’s or family member’s employer, bank, or credit agency, or study loan paperwork or purchase contracts. Read the following sections for information about types of group policies that your spouse or family member may have owned.

Employer-based group life insurance

If your spouse or family member was employed at the time of his or her death, you may be the beneficiary of a life insurance policy issued through his or her employer. Because some employers offer their employees a certain amount of life insurance at no cost, you may not even be aware that your spouse or family member was insured by a group policy because he or she did not pay his or her own premiums. What’s more, your spouse or family member may have had the option of purchasing additional group life insurance through his or her employer, paying the extra premiums himself or herself. So, before assuming that your spouse or family member did not have group life insurance, you should check his or her pay stubs and call his or her employer.

Accidental death and dismemberment policy

Your spouse or family member may have been offered an accidental death and dismemberment policy through an employer, credit card, or bank. These policies pay benefits if an insured individual dies accidentally. This is another type of life insurance you may be unaware that your spouse or family member had because, occasionally, these policies are offered as part of a loan package or even issued as a free benefit by banks or as a rider to an employer-issued insurance policy. If your spouse or family member died accidentally, look for such a policy in his or her files, or contact his or her employer, bank, credit card issuer, or insurance company.

Travel accident insurance

If your spouse or family member was killed while traveling by air, boat, or train, you may be eligible to receive the proceeds from a travel accident insurance policy that he or she may have purchased when buying tickets. In addition, if your spouse or family member used a credit card to purchase travel tickets, you may be automatically entitled to a life insurance benefit payable if he or she dies as a result of an accident when using those tickets. Some travel agencies and road and travel clubs also routinely issue travel accident insurance policies, and employers sometimes pay death benefits to employees who are killed while traveling on company business.

Mortgage life insurance

If your spouse or family member owned a house, he or she may have purchased mortgage life insurance. A mortgage life insurance policy pays off the balance of the policyholder’s mortgage upon his or her death. If you’re not sure whether your spouse or family member purchased such a policy, check with the mortgage lender.

Credit life insurance

Banks and finance companies routinely offer credit life insurance when someone takes out a loan or is issued a line of credit. This insurance will pay off the outstanding balance of a loan or account if the insured individual dies. A few extra dollars are added to the monthly loan payments to pay the premiums. Because this type of policy is so profitable for the bank or finance company, most institutions try to sell it when someone finances a purchase or signs up for a line of credit, and occasionally they add it to a contract before the individual signs the contract. So, it’s likely that you won’t find out that your spouse or family member owned such a policy unless you check with credit card companies, banks, or any lenders to whom your spouse or family member owed money at the time of his or her death.

How do you file a life insurance benefit claim?

Notify the insurance company that the policyholder has died: You should contact the insurance company as soon as possible. Call the policyholder services department directly. Or, if the life insurance policy was issued through an agent or an employer, ask them to notify the company for you to begin the claims process.
File a claim form: You’ll begin the claims process by filling out and signing a claimant’s statement, and then attaching to it an original or certified copy of the policyholder’s death certificate. If you are too distraught to fill out the form yourself, your insurance agent may fill it out for you, although you’ll still have to sign it. If another beneficiary is named on the policy, that person must also fill out a claim form. You may also have to fill out IRS Form W-9 (Request for Taxpayer Identification Number and Certification), which will enable the insurance company to notify the IRS of any interest it has paid to you on the value of the policy. To expedite your claim, follow the insurance company’s instructions carefully.
Wait for the company to process the claim: Life insurance claims are usually paid quickly, often within a few days. First, however, the insurance company will ensure that you are the beneficiary of the policy, that the policy is current and in force, and that all conditions of the policy have been met. This is usually a simple matter and does not delay the claims process. Claims are more often delayed because the insurance company has not received a valid death certificate. The insurance company also has a right to contest (and perhaps deny) a claim if the insured died within two years following the purchase of the policy and the insurance company believes that there was fraud or a material misstatement made on the application.

How should you receive the life insurance proceeds?

Life insurance proceeds are often paid as lump-sum cash payments. Most people elect this form of payment because it enables them to control how the insurance money is invested or spent. In addition, if you elect to receive a lump-sum payment, you will not owe income tax on the life insurance proceeds.

Another way of receiving the proceeds of a life insurance policy is through a settlement option. Many types of settlement options are available for a beneficiary who is unable or unwilling to manage a lump sum of cash. Either the policyowner chooses the settlement option at the time he or she purchases the policy, or the beneficiary chooses the option at the time the benefit becomes payable (unless the policyowner had chosen an irrevocable option). You will find the available settlement options in the insurance policy.

Note: Some settlement option choices, such as payment as a life annuity, are irreversible. It may be best to take a lump-sum cash payment, put the money in the bank, and contact a qualified financial advisor.

When a person plans to move for studies abroad there are a thousand things that come across in his/her mind. He may think of the excitement that lies in a foreign land and the immense opportunity that you he’ll be getting to build his future. But along with these there are a million other things to complete before you set out.

One most important thing that you need to pay utmost attention to is student travel health insurance which is mandatory as per all universities and colleges. But in order to get the most out of your insurance look at the different policies offered by insurance companies and choose the right student insurance company to get maximum benefits and protection.

Trip insurance in India is a mandatory requirement by universities but very general in nature. However, we all know that expenses are quite high in a foreign country and you do not want all your savings or earnings to be spent because your student insurance did not cover you for something. Companies offering trip insurance in India know the exact requirement of the market today and hence are able to come up with offers that are comprehensive and detailed.

Any company that you look for gives you the basic offerings through family trip insurance in India. But what you need to look at is a company that gives you a little more. For example having a student medical insurance is provided by all student insurance companies but you need to look at the health care tie ups that this company has in the country that you are travelling to.

Apart from the basic medical coverage you should also look at the other medical services that your student insurance company is giving you. Are they covering you for medical evacuation, dental treatment, and treatment for nervous and mental disorders, medical expenses incurred due to a sports injury? Also, a number of insurance companies provide cover for expenses incurred in cancer screening and mammography’s provided it is not a pre existing condition.

Student insurance gives you a lot more than just medical cover. Look at all the other benefits as well to get maximum benefit. Some of the other things that you should be looking at are:

• Baggage and passport loss
• Personal accident and liability cover
• Bail bond provision
• Study interruption and sponsor protection cover
• Repatriation of remains
• Compassionate visit provision

Along with all these things, look at the payment plan, premium amount and renewal options that the student insurance company is giving you. Are they giving you facilities for online renewal of trip insurance in India or abroad? Find answers to all your questions and get the protection that you need before you leave the country.

Are you in a mood to buy a whole new personal car for your convenience or just thinking to have a new one to make envy your neighbor or colleagues or you are not enough confident that your teen aged son will learn driving with your car without causing any damage to it but worrying about how to fund the new desire? Well if that is the case with you why not give a think to buying a salvage vehicle. Yes buying a salvage vehicle is not bad idea. All you need to know history of it in specific.

Salvage vehicle Are those vehicle, which once damaged due to accident or any natural calamity considered too expensive to rebuild by the insurance companies or the owner of the vehicle. More precisely when insurer of the vehicle come to conclusion that the damaged vehicle if rebuilt will cost 75% of the value of car or even more than that under such situation the vehicle is branded salvage vehicle.

Even vehicles, which are stolen, are deemed as a salvage vehicle. The insurance company pays the owner of the vehicle its claimed amount of money once it’s declared salvage. Either the insurance company or the owner of the vehicle informs the US govt that the vehicle has been salvaged and submits the certificate of ownership to the respective department.

Vehicle once declared salvage can be repaired and used if vital parts of the vehicle have not been damaged by the accident. Parts can be repaired or if there is total loss of part then it can be replaced with a newer one. Even if you are not in a mood to run the salvage vehicle on the road then also buying a salvage vehicle has great utility. Sometimes the parts of salvage cars are of good use. You can exchange salvage parts with your own car and give it a new look just to have a different test.

Whatever is the case salvage gives you good option to have your own car without running out of your money. Salvaged vehicles are cheap and can be buy by anyone who wishes to have a car of its own. If you thoroughly search history of salvaged car you wont be in much problem.

While certain precaution also need to buy a salvage vehicle. Prior of buying any salvage car one must go through the history of salvaged vehicle.  One should not buy a salvaged vehicle without sufficient papers to prove it salvage status. Sellers are legally entitled to disclose the vehicle history. Before buying it you should know the process of possessing the certificates of salvage and its registration.

While you are in mood to buy such salvaged auto you can opt for salvage auction. Vehicles being damaged by accident and their repairing cost is much more than the market value then those vehicle are sold to the auto salvage auctions by the insurance companies after repaying the owner its claimed money.

It is always done that prior to the date of auction prospective buyers of the auto are given an opportunity to have a close look on the vehicle and evaluated its parts. Biding is done on the spot. Who ever win the bid get posses the auto? Location and date of the bidding is often advertised on paper all you need to have a watch on this date and place. Thee is also more easier option, nowadays many websites held auto auction. You just have to search any such genuine website and get your bidding done. Another way to buy such salvaged vehicle is to directly buy it from insurance companies who organize auction of these things. Insurance companies but it directly from the seller and advertise auction of salvaged auto. Having auto through such insurance companies are more congenial since they have all necessary papers ready with them. They have full certificates and authenticity of the salvaged auto.

Buying salvaged vehicle is gaining huge momentum. More and more people opt for buying salvage since its cost them much cheaper than a brand new one. So if you want to have one more car then buying a salvaged car is not bad option, which cost you, very negligible. So go ahead.

When it comes to getting auto insurance quotes for a teen driver most people will definitely be displeased by the fact that cheap and teen auto insurance quotes are considered as antonyms in the car insurance industry. Drivers younger than 25 years old tend to get the highest auto insurance quotes possible and often end up paying twice the amount a typical 40-year-old would pay for his car. Why is that so? And what can be done to give a young driver an opportunity to get affordable auto insurance that wouldn’t be a burden to his or his parents’ budget?

First of all, let’s look at the causes behind such an apparent injustice that makes young drivers pay the highest insurance rates possible. Car insurance providers base the calculation of their auto insurance quotes on a precise assessment of how it is likely for the driver to end up in an accident and file a claim. From this point of view teen drivers are the most risky group because they tend to produce more claims than any other age group and have the most serious accidents because of their risk taking behavior. The statistics prove it and show that teens produce more accidents with more damage in all states. That’s why insurance companies give teens the highest rates possible. Of course, not all teens are bad drivers. But since there are more inexperienced car owners that produce crashes in this group everyone making part of it ends up paying more for insuring their vehicle.

Now, what can you do to avoid having higher auto insurance quotes when you are a teen? There are several strategies that can help you reduce your insurance costs and you can actually combine them in order to raise the chance of getting an affordable policy. Consider the following options:

Ask your parents to include you into their policy

Being a written driver with your parents, who usually have lower premiums will reduce your insurance rates as well. Sure it will raise their premiums a bit but it will still be more affordable than having separate policies. The downside of this option is that you won’t be able to accumulate your own no-claims discount while being a written driver. And if you are a good driver with no insurance claims that sure is disappointing.

Be a good student at school or college

If you have the potential of getting good grades at school or college now you have another reason for doing it. Most insurance providers offer substantial discounts to students with an average of B and higher. You will be required to provide a copy of your grade report periodically but this paperwork will give you lower auto insurance quotes, so it’s really worth it.

Shop around

Shopping around is the easiest thing you can do with all those sites letting you compare auto insurance quotes online. It takes only a couple of minutes and you will get all the information you need to buy the right policy from the right provider. Just make sure you know exactly what coverage types you want to get before shopping around. Define your needs first and then get busy comparing auto insurance quotes.

As consumers we all want to get the best good or service for the lowest price possible. People are always looking find a cheap way to purchase something they need. And when it comes to such mandatory things as vehicle insurance it’s evident why drivers are constantly looking for ways to save on this service. Sure, it’s really useful for a lot of drivers but having to pay a lot every year just for keeping your car insured is something that a lot of car owners aren’t happy about in the current economy. So, is there anything that can be done in order to get your car insured at an affordable price?

Of course there is! One of the easiest and most effective ways to get a good insurance for a lower price is to explore your discount options. Most insurance companies have different types of discounts to award different groups of low risk drivers and attract new clients. So you can exploit this opportunity and get a discount to gut your rates with. Every company has different discounts and various amounts of them offered. But in general the basic selection of discounts tends to be the same across most providers. So you can look into one of the following:

Multiple car discount

Most insurance providers are really happy when you’re insuring two or more cars with the same policy. This lets cutting down some costs and you can generally get a better overall discount compared to buying separate policies for each car.

Multiple policy discount

Some insurance providers specialize in providing different types of insurance services in the same area. So if your home insurance provider offers auto insurance too you may consider getting a policy from them because in most cases you can opt for a really good discount by doing so. Just ask your provider if they have such discounts for multiple policy owners.

Low mileage discount

Drivers who tend to drive less during the year can also get a good discount. If your yearly mileage is below 10,000 miles then you can opt for a low mileage discount with most insurance providers. Just make sure to check the requirements with your company in order to get this cheap car insurance option.

Security discount

Most car insurance providers encourage the use of additional safety and security options in your vehicle that will reduce the risk of the car being stolen or damaged. So if you install additional alarm devices, seat belts, anti-lock brakes, anti-theft devices to your vehicle you can then opt for a discount with your provider.

Good driver discount

If you are a good driver with a clean driving record and no claims made during the last couple of years you can opt for a good driver discount with your insurance provider in order to get cheap car insurance. Some providers will require you to maintain a good record for a period of 3 to 5 years, but it varies from company to company. Besides, good drivers with no accidents on their records usually get lower insurance rates right from the start.