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Once a claim is submitted on a life insurance policy, the process takes approximately 10-14 days for the beneficiary to receive the proceeds. It can take longer (up to 45 days or so) but based on my 32 years of experience, the time frame is much less.
Often it is a lump sum check or a deposit into a money-market fund or checking/savings account. Typically, proceeds are tax free to the beneficiaries.
A full-time licensed broker is a great resource for the most accurate information. They are familiar with the process and provide the best options.
This varies between life insurance companies, but as a rule of thumb, 30 to 60 days after the certificate of death, the published obituary and policy viability is received and confirmed. If death occurs during the first two years of the contract date, known as the contestability period, the due diligence proceeds may take longer.
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Often it is a lump sum check or a deposit into a money-market fund or checking/savings account. Typically, proceeds are tax free to the beneficiaries.
A full-time licensed broker is a great resource for the most accurate information. They are familiar with the process and provide the best options.