Death
When your partner or family member passes away, there are many practical and financial issues to be taken care of. Even if you always looked after the family member's financial affairs, you may be overwhelmed by the many matters that demand your attention in the weeks or months after an untimely death in the family. Some insurance matters can wait, but others need to be to taken care of right away.
After the loss of a loved one, there are two things you must attend to first:
Claim the life insurance benefits
The most important matter is the life insurance benefit. A life insurance does not pay out automatically. If you are named as a beneficiary of a life insurance policy, you must file a claim with the insurer. To file your claim you must first obtain a death certificate from the Civil Registry. It is possible that you are a beneficiary under more than one life insurance policy, for example, via your partner’s employer.
Tip: your insurance adviser can help out with all the administrative paperwork!
Reviewing your own life insurance policy
If your partner passes away, you may consider taking out your own life insurance policy. It’s important to carefully consider who will be the beneficiaries from your life insurance. An up-to-date policy can save your heirs a lot of trouble.
If your partner had an income, it will be even more important to take out your own life insurance policy. You may decide on a reduced amount of coverage if fewer people depend on you financially.
ENNIA or your independent adviser would be pleased to provide you with personalized advice.