Losing a loved one causes enough grief without having to endure the stress of money hardship. Yet, this is often the situation that loved ones who are left behind find themselves in. That’s why responsible heads of families get life insurance through Great Michigan Insurance, serving Marshall, MI, in the first place, to relieve the financial burden.

After the departed’s passing, it’s common for beneficiaries to wonder how quickly does life insurance pay out? After all, financial duties don’t stop. There are mortgages to pay and the lights to keep on, not to mention food to keep on the table.

Legal Disclosure

The Michigan Insurance Code dictates that insurance companies have to declare in writing what they need to prove loss within 30 days. In Michigan, the claim payout is timely as long as it’s paid out within 60 days after the date of receipt by the insurer of satisfactory proof of loss.

When Delays Might Happen

Loss isn’t always straightforward. Complexities with the claim can cause delays. For instance, if the beneficiary is disputed, this might delay the payout. If there’s missing paperwork, or you filled out the insurance claim paperwork incorrectly, there could be a delay while it’s being corrected.

Sometimes medical information is needed. Hospitals and clinics have their own processes, and if they lag behind in getting the information to the insurance company, there could be a delay in the claim payout.

What to Keep in Mind

Keeping on top of what’s needed and when it was sent in is essential to a timely payout. Your life insurance agent at Great Michigan Insurance, serving Marshall, MI, can be a great help during this challenging time. Contact us for assistance so you can receive your payout as soon as possible.