The life insurance claims process can get rather complicated. Not every family has a simple life insurance policy. There are many types of claims that require necessary information and things can go wrong and result in less or no funding if the information is incorrect.
Let our Tribute Insurance Assignments experts take care of the claims process for you, so you can focus on what you do best. Our experts have 63+ years of experience working with life insurance policies. So, your staff and client families are in good hands.
We accept any type of assignable claim, including these specific examples below.
Group Life Claims
Group life claims are life insurance policies offered through an employer. These claims have a very time-consuming and tedious verification process. Usually, the employer or a third party keeps the records about coverage for employees and retirees. However, some employers store the retiree information in a different location than active employees, so it can be difficult to find the information.
Sometimes, the employer’s human resources department may not know the details regarding coverage to accurately provide verification. And, the person obtaining verification may not know either.
“If the person obtaining the verification from the employer does not know the right questions to ask or the red flags to look for, a policy can very easily be verified incorrectly, and when the claim is processed with the insurance company, the coverage may not cover the funeral expenses as the funeral home and family were expecting,” said Audrey Cassidy, operations manager of Tribute Insurance Assignments.
Our Tribute Insurance Assignments experts have an extensive database of both large and small employers throughout the U.S. It’s constantly updated, so we can efficiently and accurately process verification with the employers, third parties, and life insurance company providers.
Texas Preneed Claims
The Texas Department of Banking has a strict procedure for handling preneed policies in their state. The At-Need Funeral Bill requires that certain information matches the information on the original preneed policy. If anything is missing or inaccurate, the insurance company can deduct from the amount payable, resulting in a shortage of payments to the funeral home.
Our experts know the requirements of these complex claims and know what to look for on the funeral bill and preneed to at-need reconciliation required by the insurance company. If we have an assignment signed by the next of kin and the licensed funeral director, we can usually take care of all the required documents for this claim type — taking the burden off of your staff and families.
Federal Employees Group Life Insurances (FEGLI)
This claim type provides coverage for employees, retirees, and dependents of people who worked for a government entity. However, a common misconception is that these policies are not assignable.
“While these claims require a bit more information than a typical group life policy, that information can be obtained post-funding and will not hold up the verification process or the transfer of funds to the funeral home,” said Cassidy.
This way, your client families can plan their loved one’s funeral and not have to wait or worry. As long as we have the assignment by the correct beneficiary and the funeral bill or obituary listing with the date of death, we can get a policy verified and funded within 24 hours.
A contestable claim means that the life insurance policy was issued typically less than two years prior to the passing of the insured. So, there’s no guarantee that the policy will pay out.
The insurance company will request and review the medical records from the doctors that treated the insured. Our experts work directly with the doctors to get the necessary documents as quickly and efficiently as possible. We forward the documents to the insurance company and make sure the examiner who is reviewing the claim receives them. This process typically takes months, but Tribute Insurance Assignments significantly cuts that timeframe.
To learn more about how our experts handle contestable claims, check out this contestable claims article!