Serving as the executor of an estate comes with many responsibilities—one of the most important being locating any life insurance policies the deceased may have held. In Oklahoma, this step can make a significant difference for beneficiaries, as life insurance proceeds are often used to cover final expenses or provide financial support to loved ones. Steiner Insurance Group, serving Norman, OK, offers guidance to help executors fulfill the deceased’s last wishes.
How to Locate the Policy
Start with the obvious—check the deceased’s personal records, such as files, safe deposit boxes, or home safes. Bank statements may reveal premium payments that can point to the insurer. You may need to play detective here. Contacting the deceased’s employer or former employers is also worthwhile, as group life insurance policies are a common workplace benefit. Additionally, executors in Oklahoma can request assistance from the Oklahoma Insurance Department, which participates in national policy locator services.
Accessing the Benefits
Once the policy is located, you’ll need to contact the insurance company directly. They will require a certified copy of the death certificate, proof of your authority as executor, and completed claim forms. In Oklahoma, insurers are generally required to process claims promptly once all documentation is received, but delays can occur if information is incomplete or unclear.
Preventing Delays
If beneficiaries are listed on the policy, the insurer will typically pay them directly. However, if the estate is the beneficiary, the proceeds will be distributed according to the will or state probate law. Clear and timely communication with both the insurer and beneficiaries can help prevent misunderstandings and delays.
Life insurance can be one of the most valuable assets in an estate. For executors in Oklahoma, knowing where to look, how to file a claim, and what documentation is required ensures the process goes smoothly and the benefits reach the right people as quickly as possible. Contact Steiner Insurance Group, serving Norman, OK, today to learn more.
