Life Insurance Claims - Frequently Asked Questions
Most life insurance claims can be processed upon receipt of a
claimant's statement completed by the named beneficiary(s), and a
certified death certificate for the insured. The original insurance
contract(s) should also be returned, if available. Only one death
certificate is required regardless of the number of policies or
certificates. These
documents should be sent to:
Colonial Penn Life Insurance Company
Life Claims Dept
PO Box 1918
Carmel, IN 46082-1918
For NY Residents:
Bankers Conseco Life Insurance Company
Life Claims Dept
PO Box 1918
Carmel, IN 46082-1918
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If coverage is in force, the death benefit payable is shown on
the policy/certificate specification page that is a
part of all contracts. Some policies have benefits that vary
depending on how long the policy has been in effect when the
insured dies. To determine if this is the case, check the amount of
time that has passed from the effective date of the policy (also
referred to as the policy date or issue date) to the date of death.
The policy specification page will indicate the benefit payable for
that duration.
Other factors that may affect the amount payable are policy loans,
premium adjustments, and adjustments for misstatement of age. If it
is critical that you know the amount before making your claim and
you need assistance, you may e-mail us your request or
contact us by telephone (use
the prompt for claims). Because of confidentiality issues, we may
not be able to honor all requests for this information.
Furthermore, such benefit quotes are not binding on the
company.
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The named beneficiary is shown on the original
application/enrollment form attached to the
policy/certificate, or it may be shown on the policy
specification page. If a beneficiary designation was changed, an
endorsed copy of the change was returned to the owner with the
instruction that it be attached to the appropriate insurance
documents. If you are unable to determine the beneficiary, you may
request this information by mail, e-mail or telephone.
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If the primary beneficiary dies before the insured, the benefits
are payable to the contingent (or secondary) beneficiary. If no
provisions were made for a contingent beneficiary, the benefits are
payable to the estate of the insured.
If the primary beneficiary passed away after the insured (but
before benefits were paid), the benefits are payable to the estate
of the beneficiary.
If benefits are payable to an estate, the court appointed
representative should complete the claimant's statement, and a copy
of the appointment document should be provided with the other
documents requested. Refer to "How Do I Submit A Life
Insurance Claim" for claim filing instructions.
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Most states have provisions for payment by
affidavit, if benefits are payable to an estate, but the estate
will not be subject to formal administration. Please contact us by
mail, e-mail or telephone, and the
appropriate instructions and/or forms will be provided.
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Coverage is considered to be in force, as
of the effective date of the policy/certificate, if
premium payments are current. Coverage may also be in effect,
depending on the specific contract, if premium payments were
discontinued and there is cash value sufficient to provide extended
term insurance or reduced paid-up insurance under the
non-forfeiture option outlined in the policy. Each policy, or
certificate, should be reviewed for the specific
non-forfeiture provisions. Of course, you may contact us by mail, e-mail or telephone to verify
if coverage is in force. Also, you may simply submit a claim
against the policy in question and we will advise you in writing if
it is not in force.
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Life insurance proceeds can be paid
directly to a funeral home, cemetery or other entity if the
beneficiary executes an assignment of proceeds instrument. Funeral
homes and cemeteries typically have their own assignment of
proceeds forms. In order for us to honor an assignment of proceeds,
the beneficiary's signature must be witnessed by a notary public
affirming the identity of the person that signed the assignment.
Additionally, all policy/certificate numbers subject
to assignment must be written on the assignment and the specific
maximum amount to be paid by assignment must be clearly stated.
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How Can I Get a Claim Form?
Most of the insurance documents we issue include a claim form, which is called a "Claimant's Statement For Life Insurance Death Benefits". If you do not already have this form you can download one here. If you are unable to download the form, please let us know by e-mail or telephone and we will promptly send one to you.
Once you have downloaded the form, print it out, complete the form and mail it to the address shown.
NOTE: These forms are PDF files. In order to download and view any PDF files, you
will need Acrobat Reader software. If you do not have Acrobat Reader and wish to
download it for free, click
here to visit the Adobe Acrobat Reader website.
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