In case of a calamity, claiming for a financial compensation from an Instant Issue Life Insurance Company can be a demoralizing job. But believe us when we say, that the insurance agents are working to their limits to bring about the process swiftly. After all, it comes down to providing utmost customer satisfaction.
Typically, the Instant Life Insurance Companies must stand honest to their promises and hence should be expected to reimburse the amount as soon as the settlement is made which generally takes a minimum of five days. Once the settlement is mutually decided between the beneficiary and the Instant Issue Term Life Insurance, your compensation money is usually reimbursed within 14-28 days from the date of claim.
How long shall I wait for each kind of claim?
It is extra-ordinary significant to have a firm know-how of all the various sorts of claims requested by the insurer. That is because, you must be able to identify which category does your case lies in; it may be a roadside assistance claim which may take 5 to 8 working days to get the amount once claimed. On the other hand, for a glass claim, the declared amount can be reimbursed quickly within the same day too at it fastest.
In case of a physical damage, depending on the severity of the situation, the time to receive the reclaimed amount may be delayed. You might be contacted first with the claim adjuster, typically within one to three days, following which he might want to see the damaged commodity which may take longer.
For total loss and medical claims, a lot of paperwork, signatures and approvals are involved which can toughen the proceedings and hence, payout amount can sometimes be difficult and may take a month to finalize. Similarly, for natural disaster claim, the reception of the settled amount may get delayed to well over a month as the company will have to stabilize itself too after the calamity.
Why is it taking this long?
Following are some of the reasons due to which the reclamation process of an instant issue life insurance policy might get delayed (which is quite often the case):
Hence, multiple issues may arise with a pressing need to communicate to your instant issue life insurance dealer. Although they do not handle the claim directly, they may still be a great source of help in times of need. They can contact the claim representative and look over other matters, indirectly on your behalf, to ease some burden for you.