Life Insurance Claims Overview
Life Insurance Claims With American Family Life Insurance Company
If you find yourself needing to file a life insurance claim, you’re probably going through a difficult time in your life. American Family Life Insurance Company is here to help you with the claims process so you as a beneficiary can receive the money your loved one intended you to.
Filing a life insurance claim is a bit different than filing a homeowners or auto insurance claim. The information you’ll need to start the process is based on the insured person — not you — so you’ll want to have their information on hand when you call.
What Do I Need to File a Life Insurance Claim?
For a life insurance claim, you’ll need to provide the following information about the insured:
- Their first and last name.
- Their date of birth.
- Their state of residence.
- Their state of death.
You may also want to provide the following information to help our representatives process your claim more quickly:
- The life insurance policy number.
- The date and manner of death.
- The contact information for the beneficiary(s).
- The relationships of the beneficiary(s) to the insured.
- The date of birth of the beneficiary(s).
Be sure to keep all documents related to the insured’s death on hand — like the death certificate and funeral home contact information — so your claim can be processed smoothly.
Life Insurance Claims Payment Options
Once the life insurance policy’s information and your information as a beneficiary has been confirmed, you have several options for how to receive the death benefit. One of our experienced claims representatives can help you decide which settlement option is right for you.
Lump Sum Payment
You can receive the death benefit all at once as a lump sum payment. We’ll issue you the full amount of the benefit via check or Electronic Funds Transfer (EFT). Receiving a check or EFT from American Family Life Insurance Company allows you to receive the funds immediately.
Retained Asset Account
You can choose to have the death benefit deposited into a Retained Asset Account (RAA). RAAs are interest bearing draft accounts that work like a checking account.* You can withdraw money from your account at any time for any reason until the death benefit is depleted. There are some limitations to using an RAA, including a $500 withdrawal minimum, so speak to your claims representative or insurance agent to figure out if this is the right option for you.
You can choose from a few different ways to receive your money.** This isn’t an exhaustive list, and the options available to you are subject to policy terms and conditions.
- Interest Income – We will hold the proceeds and send you annual payments of the accrued interest. You also have the option to make cash withdrawals or receive full pay-out at any time.
- Fixed Period – Proceeds and interest are paid in equal installments over a specified period of time you choose which may be from 5 to 30 years.
- Life Income Options – A variety of payment options are available. Under all of these options, payments will continue throughout your lifetime.
- Fixed Amount – Equal periodic payments in an amount you choose will be paid for as long as the proceeds last.
If you have questions about your claim, its status or your settlement options, please call us at 1-800-MYAMFAM (1-800-692-6326), ext. 78080.
*Retained Asset Accounts are not FDIC insured.
**Settlement options may vary by contract.