The Intelligent Life Blog

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. We’ll cover the simple steps that should be taken by the policyholder and the beneficiary in order to make claiming a life insurance payout a simple and smooth process:

Most beneficiaries will be surprised to learn that they now have a number of options for how the life insurance benefit is paid. Traditionally, when a death occurs and a there is a payout under a policy, it's done as a life insurance lump sum payment. Over time, both consumers and financial advisors have expressed concern about this method of payout as not necessarily being in the best interests of the beneficiary. In recent years, there have been changes made to life insurance policies that now give payout options.  

Before we look at the types of payout options let’s start with the basics of making a claim and when the beneficiary can expect to receive the money:

If you’re a millennial, you know what it’s like to have technology at your fingertips— literally. This is the generation that has grown up plugged into the Internet, and many of you have spent the majority of your lives in front of a computer.

Yet IRL (in real life), despite being the most technological-savvy generation, you’re also the most underinsured. Roughly 25% of all Gen Yers (18-29) don’t have health insurance. So it’s not surprising that millennials are also less likely to have life insurance. In today’s blog post, we’re going to discuss the reasons why millennials should invest in life insurance, and three ways you can maximize your policies.

1) Buy your own insurance: If you’re thinking that you don’t need additional life insurance because you have a policy through your job, that’s a costly assumption to make. What happens if you get laid off or fired? Once your position dissolves, so does your coverage, leaving you vulnerable.

We know that since you’re young, you may feel invincible at times (we were young at one time, too), but accidents and unforeseen bad fortune don’t discriminate when it comes to age.

Another advantage of your youth, besides having more energy and bouncing back quicker from a hangover, is the lower rates. The younger you are, the less of a health risk you are, which means lower rates.