You purchase a life insurance policy to protect the financial future of your loved ones. If you die, your beneficiary on the policy will need to make a claim to receive those valuable benefits. While there is a bit of work to do, it shouldn't be overwhelming or stress-inducing. Here is some basic information about claiming your term life insurance payout, the different payout options available, and some other common benefit concerns.
Identify Who Has Been Named the Beneficiary
When you set up your life insurance policy, you named your beneficiary in one of two ways. You either listed a particular person or persons (per capita), or you listed beneficiaries by branch of the family (per stirpes). For example, if you listed per stirpes, the proceeds would still go to grandchildren even if you outlive your adult children.