One of my best friends lost his 2 year old son in a pool drowning over a year ago. His lawyer and a cop investigating the drowning at the apt complex informed him today that there was $50,000 life insurance policy taken out on the son. But he hasn't any type of money like that coming in. His wife lies about stuff, she acted very odd at the funeral(laughing and being inappropriate for a mom that lost her son...it was like a reunion and not a funeral), she is also off her rocker crazy.....(even before the death). So my questions are...How long does a life insurance policy take to recieve after a death? If his wife collected the money and didn't tell him or is hiding it, Is that illegal?
2007-05-09 15:42:01 · 5 answers · asked by L♥G 5 in Business & Finance ➔ Insurance
OK, the insurance company doesn't know there's a death until a claim is filed. Usually the claim takes about 4 weeks to process. The check is mailed to the beneficiary, and only the beneficiary. The insurance company won't talk to anyone except the policy owner, and the beneficiary. If the wife took out the policy and named herself beneficiary - assuming she's the mother - there's nothing wrong with that. She can hide it. It's not illegal.
HOWEVER. It's exceedingly unusual that someone would insure a child for that much money. An insurance company is going to question that amount. They don't EARN anything, and that's about the cost of 10 funerals. So, I'd ask the lawyer and cop for more details - it's MUCH more likely that the policy was for $5,000, or even $500, if it was even there in the first place, and even MORE likely that there wasn't any life insurance at all.
It's MUCH more likely that the liability policy for the aprartment complex paid out that money.
2007-05-09 16:17:26 · answer #1 · answered by Anonymous 7 · 1⤊ 0⤋
Hi life insurance do not work in this way. Insurance money will pay out to the stated beneficiary in the insurance policy. If the beneficiary is the father, then the father get it. If is the mother, then the mother get it. Normally as long as the insurance company is satisfied with the death, they will pay out within 3 months. However if there is foulplay, the insurance will not pay until they get a good answer. If the insurance company suspect the beneficiary, then they will definitely spent more time to investigate and this may take long time.
The best thing is to personally go after the insurance company and force them to process the claim. It is strange to take more than a year.
Regards
Bobby Tan
2007-05-09 15:50:37 · answer #2 · answered by Anonymous · 1⤊ 0⤋
time period coverage -the position coverage is offered for a precise era (in many cases a year, or for factor sessions together with 5, 10, 15, 20 even 25 and 30 years) the position a lack of life benefit is basically paid to the beneficiary if the insured dies in the course of the wanted era. on survival no longer something is payable everlasting life coverage is a variety of life coverage together with entire life or endowment, the position the coverage is for the life of the insured, the payout is certain on the properly of the coverage (assuming the coverage is kept present day) and the coverage accrues funds value.
2016-10-18 06:48:21 · answer #3 · answered by swailes 4 · 0⤊ 0⤋
"His wife acted odd at the funeral"
Perhaps she was so juiced up with tranqulizers and drugs that her doctor prescribed.
"The lawyer advise him of an ins co.?" who took the policy out?
Life ins is paid within days of receiving the death cert unless the ins co suspects foul play, then it takes a while.
i don't understand what's goingon here.
2007-05-09 20:22:09 · answer #4 · answered by TedEx 7 · 0⤊ 1⤋
Hi life insurance do not work in this way
2007-05-10 00:53:12 · answer #5 · answered by pri k 2 · 0⤊ 0⤋