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Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
November/December 2022
Claiming Life Insurance Benefits
The beneficiary of a life insurance policy is a person or entity specifically named in the policy to receive the policy’s proceeds. The benefit may be paid to one or more people, a charitable organization, a trust, or a business. A beneficiary designation supersedes any instructions contained in a will.
If You’re a Beneficiary
If you’re the beneficiary of a life insurance policy, ideally, the policyholder will have given you the name of the insurance company and the policy number. If you don’t have that information, your own insurance agent may be able to help you track it down. Alternatively, the insurance industry maintains an online database that you can search for information.What You’ll Need
You’ll have to submit a certified copy of the death certificate, along with claim forms, to the insurance company. Claim forms generally are available online or directly from the company if you don’t have access to a computer or a printer. You can request multiple copies of the death certificate from the funeral director. Unless the policy has lapsed or there are questions surrounding the death, your claim should be processed relatively quickly.Taking Proceeds
You have several options for receiving life insurance proceeds:- Lump Sum You’ll receive the entire death benefit as a single amount. If you have an immediate need for the money — for example, to pay off a mortgage, fund a college education or finance retirement — a lump sum payment may be a good option.
- Specific Income Provision The insurance company pays you principal and interest on a schedule that you determine.
- Life Income Option You receive a guaranteed income for life. The income amount will depend on the death benefit, your gender, and your age at the time of the insured’s death.
- Interest Income Option The company holds the insurance proceeds and pays you interest on them. The death benefit goes to a secondary beneficiary upon your death.
Before you decide how you want to take life insurance proceeds, talk with your financial professional. Together, you can design a strategy for taking proceeds based on your short- and long-term goals.
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
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