Hurricane Ike Life Insurance Tips
Decide on cash loans against your policy
In the aftermath of Hurricane Ike, most individuals will be struggling to find work and some may be in serious cash crunch. Some insurance companies may offer you emergency loans against the cash value of your current policy. Such loans are targeted at those who need help in recovery and rebuilding. However, you must know that such loans are not available in a standard term-life policy. Unlike a bank loan, you are allowed to borrow with interest against the money without providing any collateral or credit information. If the policy holder dies before the loan is paid off, the beneficiary will receive the death benefit minus the amount that was owed on the loan.
Inability to produce relevant documents
One of the biggest headaches among potential life insurance beneficiaries or claimants is the inability to produce relevant documents or outright lack of proper documentation. However, Hurricane Ike victims can obtain the money they are entitled to even if they no longer have the policy documents or are unable to produce a death certificate. A sworn affidavit from a funeral home director, an affidavit from surviving family members, hospital records or a statement from a physician could be accepted in lieu of a traditional death certificate.
And for those seeking disability benefits in the wake of Ike, a letter from a physician or the hospital where you were treated for your injury is the best way to get your claim. Life insurance companies are prepared to verify your policy without the policy number as long as the beneficiaries can provide basic information on the policy holder.
Your Employee Benefits can become useful
If you do not have individual life insurance policies, remember to find out any group life policies you may have through your employer. Group life policies are an area that can be overlooked in a crisis — often because a policy holder is not sure of which insurance company provides the policy — but can provide some financial relief. Employers are usually the best source of information when it comes to finding out the terms of your policy. Many insurance companies are reaching out to employers and while it may a take a while longer to match the provider with the employee, a little perseverance could make all the difference.
Do not cheat
While insurance companies are choosing to err on the side of paying out claims without strict documentation, do not expect a hand out. Most insurance companies will follow up on claims that are paid out and if there is any evidence of fraud, the company will take action.
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Barbara_Kingsley-Johnson
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