What is the waiting time to receive the insurance payment?

Having a life insurance represents being protected both family and personal; however, sometimes the question arises as to when the time to use the policy arrives, and it is normal to want to know how long you should wait to receive insurance compensation?

Each insurance company must follow certain guidelines, so each one has its own payment and case review policies. It all depends on the type of policy.

The compensation of life insurance seeks to protect the people that the insured indicates as beneficiary in case of death. It is necessary to take out insurance, mainly when there are people who depend economically on the income of a person (the insured).

 How long should I wait to receive insurance compensation?

This is handled according to statutes of the insurance law of each country; however, an example may be insurance companies in Chile, they take just a few days to pay, and according to the insurance law of that country, they cannot exceed more than 45 days. However, there may be some delay if there is any problem with the policy.

To collect the policy, the beneficiaries must present a series of legal documents that must be verified to present their veracity; among these documents must be the proper death certificate of the insured. Collecting life insurance, therefore, is not a long or difficult process, since the companies take into account, in addition to the law, the personal circumstances in which the families find themselves at that time. This legal period may be increased in very special cases and circumstances, which legally must be reflected in the contract.

The companies and the policies they offer are regulated; they protect both the insured and the insurance companies. That is why we recommend that before contracting insurance, it is necessary to read all the clauses of the contract and above all, as far as possible, hire an insurance broker who will clarify all doubts.

Investing in life insurance is investing in your peace of mind and that of your family…

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