Claiming life insurance for a missing person can be complicated if you don’t know what you are doing. If you are in the process of taking such an action, we have outlined the steps to take to claim life insurance for missing people.
1. Authentication of death
This is the first step in claiming life insurance for a missing person. It involves the submission of the individual’s death certificate to the life insurance company. But this action should only be taken when the missing person is confirmed dead. For a missing person, you will wait for 7-years from the date you filed a missing report. After the 7-years have passed, you will have to get a court order to authenticate the death.
2. Claiming the death benefits
Take the court order to the life insurance company so that they can start processing the claim. This processing typically involves investigation by the life insurance company to detect any instance of fraud. Once the claim is regarded as genuine, the life insurance company will payout the benefits to the missing person’s beneficiary. However, this is only based on the condition that the premiums on the life insurance policy were paid during the 7-years.
Exceptions to claiming the death benefits
If you do not want to wait for 7-years to claim the death benefits, there are special cases where the life insurance company can make an exception for you. These cases are given as follows:
Natural disasters/terror attacks: If the missing person was involved in a terror attack or natural disaster, life insurance companies will payout the claims without waiting for the 7-years duration.
Proof of loss: If you have reasonable evidence that a missing person is dead, the life insurance company might be convinced to override the 7-year clause. However, you will be asked to issue an indemnity bond. This bond requires you to return the death benefits if the missing person is found alive.