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How Do Life Insurance Payouts Work?
How Do Life Insurance Payouts Work?
03 Mar 2021

Having a smooth claims process is something that we all want, but not knowing how to go about placing a claim or how long it can take can lead to frustration. Knowing how long a claim will be paid out once you have submitted the necessary paperwork can make the process less daunting and frustrating. Here is what you need to know.

Have the right documents in place

Most insurers will have the information on how you can place a claim online. You can also make a call to understand the process they have to place a claim. For MiWayLife customers, you can email your claim to claims@miwaylife.co.za and one of our dedicated claims team members will ensure that the process is assessed and completed as smoothly as possible.

 

To submit a claim with MiWayLife after a policyholder has passed away, you’ll need:

 

  • A fully completed MiWayLife claim form found here
  • A certified copy of the Death Certificate
  • A fully completed DHA-1663 form
  • Certified copies of the ID of the insured life or of all the beneficiaries
  • Three months of bank statements for the beneficiary(ies)

 

What happens when you have submitted the documents?

Once you have submitted the necessary paperwork, an insurer will begin the review process where they check that all is in order. The time frame will differ depending on what you are placing a claim for. For example, funeral claims can take anything between 24-48 hours for a claim to be paid out to help families carry out the funeral.

However, a life insurance claim can take slightly longer ranging from anything from a couple of weeks to a few months as the insurer does background checks to see that the death of a policyholder was due to normal circumstances and that there was no foul play.

 

Avoid unclaimed benefits

Many beneficiaries are either unaware of the fact that their loved one was the holder of a life insurance policy or are so overwhelmed at the idea of having to go through the claiming process that they simply never claim the money they are owed. Of course, this is a waste of money – both the money that you are owed but haven’t claimed for, and in the premiums that the policyholder paid before passing away.

 

To make sure this doesn’t happen, policyholders need to alert their beneficiaries that they have taken out a policy and make sure to keep important documents in a safe place that can be accessed by a trusted person should something happen.

 

Remember that the administration part of submitting a claim is generally not too confusing, so don’t let that put you off!

Need more information on MiWayLife? Read about our life insurance product, or get a life insurance quote in 30 seconds. Alternatively, call us on 0860 64 54 33 .
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Terms and conditions apply. Eligibility, cover and benefits are determined on individual risk profile. MiWayLife is an authorised FSP (No. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06