Your loved one is missing. You've done everything you can to find them. The police have had no luck. In a situation like this, it can be hard to move forward. But, sometimes, life insurance can help you with certain aspects, particularly financial ones.
It is not easy to file a life insurance claim for a missing person. Proving the person is no longer alive becomes critical. There are steps you can take, though. How do you do it?
Why You Need To Do So
Filing a life insurance claim for a missing loved one is not unheard of. For example, a mother may go missing from her home. The funds or cash value from the life insurance policy could help pay for the children's well-being and care. In this case, the filing of such a claim can be very important.
However, if you know that there is a life insurance policy in place, be sure to continue to make premium payments on it. The most common reason for a denial of a claim is that the policy lapses due to nonpayment. If this occurs, the policy is void.
Assumption Of Death
What should you do, then, if you know a loved one has a policy? Traditionally, when a person dies, the beneficiary contacts the life insurance company. A death certificate confirms the death of the individual. The insurance company then pays the death benefit.
However, in missing persons cases, there is generally no death certificate.
As a result, it can be important to work closely with the police. Every state — including South Carolina — has laws providing for what steps a family can take to file an assumption of death for their missing loved one. This may waiting for a certain period of time. If this occurs, the health department or other governing body will create a death certificate for the individual.
The only other way to prove death occurred is to have some level of evidence. For example, if a person dies in a boating accident, but a body is not available, the police department can use evidence to presume the death of the individual. This can mean the agency can issue a death certificate.
Claims like this are difficult. Your Affordable Insurance Group agent can help you to learn what your options are during this difficult time.