The regulatory agency establishes a maximum payment period of 30 days after receiving the documentation, but insurers can pay much earlier
An inventory process can drag on for months and even years until the heirs are able to receive the inheritance to which they are entitled, and this has made it increasingly common to look for solutions that speed up the receipt of values with much less bureaucracy.
This search for liquidity has been fulfilled by individual life insurance, as it does not qualify as an inheritance in the inventory processes. Thus, the payment of the indemnity must be made within a maximum of 30 days after the insurer receives all the necessary documents.
In practice, insurers can pay well before 30 days – in several cases, the insurer’s payment to policy beneficiaries takes up to five business days.
It is important to remember, however, that the term only begins to count after the delivery of all documentation provided by the insurer.
The first step when making the claim is to inform the insurer in writing as soon as an event occurs that qualifies for the benefit. This step can be done by the insured or by the beneficiaries, depending on the situation.
Then, it is necessary to prove the occurrence of the fact that generated the right to benefit and all related circumstances.
For this reason, insurers usually require some documents before making payment, such as, in cases involving death, the death certificate of the insured, the identity document of the insured and the beneficiaries, a document signed and stamped by a doctor describing the occurrence of the claim and relevant medical history, among others.
The deadline is the same for accidental disability and serious illness payments. What can change, however, are the documents required by the insurer. In cases of serious illness, for example, it is necessary to provide copies of tests that prove the insured person’s special conditions.
Therefore, to expedite the receipt of the benefit, it is important to carefully read the general conditions for delivering all the necessary documents on each occasion.
Prior risk analysis
Another differential offered by some insurance companies, mainly independent ones, is the prior risk analysis. This is a step in contracting the policy that may involve carrying out various health tests, usually paid for by the insurer itself.
With the prior analysis process, it is possible to expedite the payment of the benefit more quickly and provide peace of mind for the client or its beneficiaries. This is because the insurer already has the data of the insured, since it has health information provided – that is, respecting the general conditions of the insurance, the insurance will be paid.
It is worth mentioning that, regardless of previous examinations, it is essential that policyholders complete the health questionnaire sincerely, without omitting any information, so that there is no problem in paying the benefit and it is carried out more quickly.