Life How long will it take for term assurance to pay out?

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coom

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Hi All

Unfortunately my father in law passed away suddenly (cardiac) a week ago, and we are just trying to get to terms with the financial affairs. The financial situation is quite complex, but there are multiple life insurance policies in force to cover outstanding debts. Does anyone have a feel for how long it would typically take for the death benefits to be paid after death?

Another factor in play is that we only have an interim death cert available which doesn't state a cause of death. Is this likely to cause delay?

I'm finding it quite difficult to find any information online about how long it will be until payments are made, so any information you have would be a huge help.

Thanks
 
Condolences on the loss of your father in law.
We had a family bereavement last year - there were a few polices that paid out. Time varied between 3 and 7 months. The quickest one was the death in service benefit from his employment. Be prepared for them to look for a full death certificate. When my father died suddenly a few years ago it was the life company that looked for a full death cert - other places were happy with the interim one.
 
Condolences on your loss.

For the insurance policies, the final death certificate will always be required, it's highly unlikely that the claim would be settled without this.

However, once this is received there shouldn't be too much of a delay, depending on what the cause of death is certified as and whether there is any medical history related to the cause of death - sometimes a report from a doctor or consultant may be requested for more information.
 
If there are several companies involved will they accept a certifed copy of the Death Certificate or will they require the original in which event inevitable delays could occur.
 
dewdrop said:
If there are several companies involved will they accept a certifed copy of the Death Certificate or will they require the original in which event inevitable delays could occur.
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They'll require an original, but when the original issues, you can order several originals at the same time for this purpose, for a nominal additional cost.
 
Is there going to be an inquest? We did not get a final death certificate until after my dad's inquest - which did not take place for 18 months.
 
The claim process also depends on whether the policies were in joint names and/or if assigned to a lender. If not then they will need to see a copy of the will if less than €60k. If the amount is more than €60k they will need to see a copy of the Grant of Probate/Letter of administration.
 
Thanks for all the replies. Appreciate the info. Just a few follow up questions if i may.

1) It is looking like they certainly won't pay out on interim death cert (as a number of you suggested above), but will they really hold off until probate is granted? From what i understand this could be as much as 6 months beyond issuing of the final death cert

2) It is now very likely that there will not be an inquest, so we're hoping that the death cert will be issued in the not too distant future. The life insurance policies are in joint names (with the other party being the sole beneficiary and executor of the estate). Policies vary in size between €20k and €500k. Based on the above should we expect that the life insurance funds not be paid until probate is granted?

Thanks again
 
Hi Coom

Fortunately, I don't have a lot of experience in claims as none of my clients have died...yet. If the policies are on a joint life basis, the policies are owned by two people, one of whom is now deceased. The payout should go to the other owner and therefore avoid probate. Maybe someone with more claims experience can confirm?

The way deaths are handled in Ireland is crazy. I dealt with the death of a relative who died in the UK. I was able to fly over, get a form signed by the hospital, get the death certs and fly back home that evening. Here it takes weeks to get death certs and probate is a joke. The delays it creates in payouts can lead to severe financial difficulties for families.
 
If all the policies are in joint names then the insurance company should not need the Grant of Probate. They will wait for the final death cert though. Best to contact the insurance companies though as each company may have different requirements.
 
coom said:
The financial situation is quite complex, but there are multiple life insurance policies in force to cover outstanding debts. Does anyone have a feel for how long it would typically take for the death benefits to be paid after death?
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You really need to write to each financial institution and ask them what is required for them to pay out. If the policies were taken out by an agent write to the agent and ask him/her to find out.

I’m an executor of the estate of an elderly relative who recently passed away. She had a whole of life policy with Friends First. FF say they requite an original death certificate; the original policy document; sight of the Grant of Probate (and the payment request form) before they will pay out. Other institutions may have different requirements so you need to determine this individually.

If a financial institution requires sight of the Grant of Probate before paying out please note that I received a letter last month from the Probate Office saying that at that stage they were dealing with applications for probate received last March.

SBarrett said:
Here it takes weeks to get death certs ....
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This is incorrect.

You are issued a death certificate on the spot when you make the application in the Registrar General’s office in Lombard St. However, to get the certificate you now must produce a statement of the cause of death. This is certified by the medical practitioner under whose care the deceased was at time of death. It can take a few days to get this. In the case of my late relative it took 3 working days to get the cause of death statement from the hospital and I got the death cert the following day in Lombard St.
 
PMU said:
This is incorrect.

You are issued a death certificate on the spot when you make the application in the Registrar General’s office in Lombard St. However, to get the certificate you now must produce a statement of the cause of death. This is certified by the medical practitioner under whose care the deceased was at time of death. It can take a few days to get this. In the case of my late relative it took 3 working days to get the cause of death statement from the hospital and I got the death cert the following day in Lombard St.
Click to expand...

Thanks for clearing that up.

As stated, I have little experience (thank god) in deaths in Ireland and have only heard stories second hand.

Steven
 
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