3 Things a Life Insurance Beneficiary Should Know About Payouts

The details of each life insurance policy are different. That said, all policies have several factors in common across the board. Sometimes, life insurance beneficiaries aren’t aware of how life insurance hold’s policy works until the unfortunate event of the individual’s passing. If you are a beneficiary of a life insurance policy in Dallas TX and beyond, here are three common policy factors you may not know about. Read on to stay informed in case you find yourself having to fill out a claim on a State Insurance Solutions life policy.

1. Payouts May Be Delayed If The Policy Is New

Did you know that if a life insurance policy is only one to two years old at the time of a holder’s passing, the insurance provider may investigate the claim?

This investigation will likely delay the payout. Typically, life insurance providers in Dallas, TX and beyond payout within one to two months of claim submission. If the policy is relatively new, however, the payment may be delayed up to a year.

The insurance provider may ask for additional documentation aside from the holder’s death certificate. This way, the company can investigate the possibility of fraud.

2. Insurance Providers May Be Subject To Interest Payments If Benefits Are Prolonged

Did you know that the policy holder’s insurance provider is subject to interest on payouts if they are prolonged?

From the time a life insurance claim is received to the day it is paid out, a certain percentage of interest accumulates. the interest percentage is based on the policy terms. Once the payout is sent, the provider must include the interest along with it. this benefits you as the beneficiary in the long run. Although, waiting for a payout may cause you undue hardship immediately after your loved one’s passing.

3. Benefits Are Not Paid Out In Cases Of Suicide

If the holder of a policy commits suicide, benefits are typically withheld. This term is explicit in all life insurance policies.

In cases of murder or any other fraud, a policy payout is withheld as well. This is especially true if the beneficiary is a suspect in the crime against the policyholder.

How Well Do You Know Your Policy?

Whether you’re a beneficiary of a policy or a holder yourself, how familiar are you with the terms of your life insurance?

If you’re still shopping around for favorable life policy for yourself, contact our friendly agents at State Insurance Solutions for a quote. We are eager to help you find a policy that works best for you.

Protect your business from slip and fall claims

Owning a business entails a lot of responsibility, and you may require protection from your employees and customers at some point, as counter-intuitive as that may seem. Without adequate liability coverage for slip and fall claims, your Dallas, TX area can be required to absorb various legal bills that may or may not be fair or just. The team at State Insurance Solutions is here to help you protect your business and your economic growth. Don’t let a nuisance lawsuit have a detrimental effect on your bottom line. 

Protect your business from slip and fall claims

Slip and fall claims can happen more often than we like to think about, and it’s not just customers, visitors, or vendors who can file a claim. Employees are also susceptible to falling or sustaining an injury on company property, and no matter how slight the injury may be, a lawsuit can be filed. These claims can sometimes be spurious, and at other times they have merit. No matter the validity, it is still an eventuality that you need to protect yourself from.

Maintaining adequate liability insurance is a key part of any comprehensive commercial insurance policy. If you are in a business where there is the potential for a lot of lawsuits or litigation, you may want to ask your agent about your umbrella insurance options in order to raise the level of protection that your policy provides. Don’t let all of your time and hard work be negatively impacted by a careless accident or mishap!

If you are an owner of a Dallas, TX area business it’s time to contact the team at State Insurance Solutions. We are here to meet your commercial insurance needs and help you protect all of your hard work!