What if a family member or a close relative recently died and you found out that he had a life insurance policy, listing YOU as the beneficiary? What do you do? What are the things you need to know? Most of us do not usually bother knowing and understanding the terms and conditions of insurance policies. We might end up getting not a single penny from this ignorance. First thing to do is to look for the insurance policy fine print. If you find them, you have too know who or what company provided the policy. Next thing to inquire with the said company is if the insuarnce bills are paid. Usually, insurance policy claims are hassle and trouble free if processed within six months to a year from the time of the insured’s death. You need to make sure if the insured purchased a TERM or PERMANENT life policy. In the TERM policy, you will be able to get the death benefit if the death came before the policy term’s expiration. If the policy has expired before his death, you cannot claim the benefit. If the policy lapsed on a permanent policy . It will fall on either status, Extended Term or Reduced Paid Up. Link
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