How Long Until I Receive Life Insurance Money?
Posted August 26, 2009 – 4:32 am in: structured settlements FAQMy aunt passed when I was young and left me a good amount of money in life insurance. However I wasn’t able to obtain the money until I turn 18..which is in like 2 weeks. I was sent a form to fill out and return, what I want to know is how long should I expect before I get the money? I understand the papers have to go though and I have to be approved..But how long does that take?
Tags: Insurance, Life, Long, Money, Receive, Until
4 Comments
if all the papers submitted by you are OK then no longer time they should take better you contact the company and ask them to give you spcified time limit and if they dont ask your lawyer to give them notice and you can charge interest on the entire amount for the delayed payment
Don’t listen to what Nita said…don’t make it harder than it is. If they delay payment to you, they’ll pay you interest. It sounds like the money was held for you by the life insurance company, if this is the case then they should have been paying you interest for the entire time they held the money.
Fill out the paperwork, mail it, wait a week for it to arrive and call them. Ask them if the paperwork was in good order or if you need to fill out additional requirements. Then ask them what the processing and turnaround time is.
This is just a guess, but if your paperwork is in good order, then they should be able to cut you a check within a month of the time they receive it…but they may ask that you allow 4-8 weeks for processing.
You’re only 17…try to be mature with this money, don’t blow it all right away.
In most cases, the maximum amount of time that a company can take to process a death claim and put that in your hands is 2 months. The money is tax-free, just like cash.
It’s good to call the company to make sure that nothing else was missed in the paper work.