Life insurance against death is a common form of insurance in which the insurer enters into an agreement with the policyholder and guarantees payment of a certain amount of money in the event of the death of the insured to the persons named as beneficiaries. How long does life insurance take to pay out uk? In this article we will give you more information about the peculiarities of life insurance. This information will help you choose a reliable policy, so read it carefully and make conclusions.
Payment procedure and required documents
To confirm the occurrence of an insured event, the beneficiary needs to collect a package of necessary documents. The process of obtaining benefits is not as complicated as it may seem at first glance, but requires attention and efficiency. First of all, the beneficiary must notify the insurance organization about the accident.
The beneficiary will need to draw up an application for insurance compensation. The application will need to be accompanied by:
- the original insurance agreement;
- a notarized copy of the death certificate;
- a medical report stating the cause of death;
- a receipt of the payment of the regular premium on the date of death (if the premiums were paid in cash);
- a document proving the identity of the beneficiary;
- a notarized copy of the certificate of right to inherit.
If the death of the insured is connected with a crime, the insurer may additionally ask for documents from the judicial and investigative authorities. In cases of insurance of employees at the expense of the organization or compulsory passenger insurance, the beneficiary must also provide an accident report. If the contract does not specify the beneficiary, the insurance payment can be received by heirs under the law or the will. All submitted documents must be filled out correctly and certified by a notary or issuing authority.
According to Co-op Legal Services 1, on average, in England and Wales, it takes between nine and 12 months to get a grant of probate and complete the estate administration process. You should also keep in mind that the insurance company may refuse to pay out the insurance in the following situations:
- suicide of the insured;
- violation of the treatment regime prescribed in the medical institution or at home;
- additional risks during the term of the contract, to which the insured has knowingly exposed himself, especially if these risks have not been agreed with the insurer;
- cosmetic surgeries and procedures.