Life Insurance Claims: One Main Financial's Payouts

OneMain Solutions offers a variety of insurance products, including Term Life Insurance, Credit Life Insurance, Credit Disability Insurance, and Credit Involuntary Unemployment Insurance (IUI). While the company does not explicitly state that beneficiaries have collected on life insurance policies, they do provide detailed information on the process of filing a claim for each type of insurance. In the event of the insured's death, their beneficiary would file a claim to receive the death benefit. OneMain Solutions outlines the steps for submitting a claim, which include completing and submitting the necessary forms, providing supporting documentation, and allowing time for the claim to be processed. The company also mentions that an original death certificate is usually not required but may be requested in certain cases. Overall, while there is no direct mention of anyone collecting on life insurance through OneMain Financial, their comprehensive claims process suggests that beneficiaries can likely collect on life insurance policies offered by the company.

Locating a life insurance policy

• Search the deceased's documents and correspondence: Go through paper and digital files, bank safe deposit boxes, and other storage spaces for insurance-related documents. Check bank statements for checks or automatic drafts to life insurance companies, and review the deceased's tax returns for the past two years for any records of interest income or expenses paid to life insurance companies.
• Contact the deceased's financial advisor, banker, attorney, and employer: They may have information about the life insurance policy or, in the case of the employer, the individual may have been a certificate holder of an employer-provided group life policy.
• Check with the decedent's auto or home insurance agent: They may have purchased life insurance through them.
• Review the deceased's mail and email: Look for premium or dividend notices from insurance companies. Even if policy payments are up to date, the company may still send an annual notice regarding the status of the policy or a statement of a dividend.
• Submit a request to the National Association of Insurance Commissioners (NAIC) Life Insurance Policy Locator Service: This free online tool can assist you in locating life insurance policies by searching the records of participating companies. You will need information from the death certificate, including the social security number, legal name, date of birth, and date of death.
• Contact the state's Unclaimed Property Office: When a life insurance company is aware that an insured client has died but cannot find the beneficiary, the company must turn the death benefit over to the state where the policy was purchased as "unclaimed property". You can search the National Association of Unclaimed Property Administrators' (NAUPA) free tool to locate lost or unclaimed insurance money and other property.
• Be aware of special challenges: The insurance company may have changed its name, merged with another company, or sold the policy to another company. In this case, the NAIC provides tips on how to find these companies. If the company went bankrupt, contact the state life and health guaranty association.

Finding out if you're a beneficiary

If you think you might be a beneficiary of a loved one's life insurance policy, there are several steps you can take to find out. Firstly, it's important to note that you will not be automatically contacted by the insurance company, so you will need to take action to find out.

In most cases, beneficiaries are aware that they have been named as such by the policyholder before the policyholder's death. However, if your loved one has passed away without informing you, you can try the following methods to find out if you are a beneficiary:

• Talk to other family members: Ask other members of your family if they know anything about your loved one's life insurance policy. They may have been informed by the policyholder or may have knowledge of the policy details.
• Look for the insurance policy: If possible, look through your loved one's personal papers, including physical and digital documents, for the insurance policy itself or any related paperwork, such as receipts or evidence of payments.
• Contact the life insurance company: If you know which company holds the policy, contact them directly. They can tell you if you are named as a beneficiary and help you file a claim.
• Use a life insurance policy locator service: The National Association of Insurance Commissioners (NAIC) offers a free Life Insurance Policy Locator Service that searches the records of participating life insurance companies.
• Check with your loved one's financial advisor: Your loved one's financial advisor or accountant may have information about their life insurance policy and can help you file a claim if they have been authorised to do so.
• Contact previous employers: Many companies offer life insurance as part of their employee benefits packages, so it's worth contacting your loved one's former employer to see if they have any records of a life insurance policy.
• Try the state insurance department: If the insurance company is aware of the policyholder's death but the beneficiary hasn't filed a claim, the unclaimed life insurance policy will eventually be passed on to the state insurance department. The NAIC can provide contact details for the relevant department.

It's important to start looking into unclaimed life insurance as soon as possible, as insurance companies may continue to charge payments and deduct unpaid premiums from the policy's benefits.

What to do if the policyholder didn't inform beneficiaries

If a policyholder didn't inform beneficiaries, the beneficiaries may have to take some extra steps to find out if they are owed any money. Here's what to do if you think you might be a beneficiary but weren't informed by the policyholder:

• Ask other family members if they know anything about the policy.
• Look for the insurance policy in the policyholder's personal papers, on their computer, or on their mobile phone. If you have permission, you can also check their filing cabinet or safe-deposit box, as well as old tax returns and bank statements.
• Contact the policyholder's financial advisor, accountant, or lawyer. If the client gave them permission, they may have already contacted the insurance company and can help you file a claim.
• Try the National Association of Insurance Commissioners' (NAIC) free Life Insurance Policy Locator Service, which searches the records of participating life insurance companies.
• Contact the policyholder's previous employers, as many companies offer life insurance as part of their employee benefits packages.
• Try the state insurance department, as unclaimed life insurance eventually gets passed on to them if the insurer is aware that the policyholder has died.
• Contact a private agency to help you find the policy.

If you are a beneficiary, the insurance company will need the following documents to file a claim:

• A short, signed form with a seal called a death certificate.
• The policy itself, or an annual policy statement.
• The claim form, which can usually be downloaded from the insurance company's website. Depending on the cause of death, you may need a signature from a medical professional.

It's important to note that there is no deadline for claiming a life insurance payout. However, most life insurance companies won't know that a policyholder has passed away until a claim has been filed, and they will continue to charge payments. Therefore, it's best to start looking into unclaimed life insurance as soon as possible.

How to file a claim

While it is unclear whether anyone has specifically collected on life insurance through One Main Financial, here is a detailed step-by-step guide on how to file a life insurance claim.

Step 1: Identify the Insurance Company

Firstly, identify the insurance company that holds the policy. If the deceased had multiple policies, determine which one is still in force for a payout. If you are unsure, check the person's bank accounts and cancelled cheques to see if there are any payments to insurance companies. Go back at least a year or more, as many premiums are paid annually. Also, go through safe deposit boxes, check with employers for group life insurance policy coverage, and check income tax records, which could indicate dividend income from a life insurance policy. You can also check with your state's Department of Insurance to see if they have a database, or use the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator Service.

Step 2: Obtain a Death Certificate

A death certificate is required to file a life insurance claim. Contact a local health department or a funeral home to obtain a certified death certificate, and be sure to get multiple copies as you may need to submit them to several places.

Step 3: File the Claim

You can often start a claim online, or by contacting the company directly and asking for the claims department. They will guide you through the process and answer any questions. In addition to a death certificate, you will need the insured's policy number, date of birth, full name, date of death, place of death, cause of death, and your name as the beneficiary.

Step 4: Choose the Form of Payout

There are several ways to receive a life insurance payout:

• Lump sum: You receive the entire death benefit in a single payment.
• Specific income: The insurance company pays you the benefit on a predetermined schedule, and any interest earned is taxable.
• Life income: You receive a guaranteed income for life, with the amount depending on the death benefit and your age and gender.
• Interest income: The company holds the proceeds and pays you interest on them. The death benefit remains intact and goes to a secondary beneficiary upon your death.

Timelines and Challenges

After submitting the paperwork, you could be paid within a week or two, but there may be delays or denials. If your claim is denied, ask for the reason in writing and gather any necessary documents to support your claim. If you cannot resolve the dispute, contact a lawyer or your state's Department of Insurance for guidance.

What to do if you can't find the policy

If you can't find the life insurance policy, don't panic. Here's what you can do:

Sort through paperwork

Check the deceased's filing cabinet, safe-deposit box, or digital storage for records of a life insurance policy. Old tax returns and bank statements may also provide clues about the existence of a policy.

Contact family members

Ask other family members if they know anything about the policy. They may have been informed by the policyholder or may have other relevant information.

Check with the financial advisor

Get in touch with the deceased's financial advisor or accountant. They may have already contacted the insurance agency and can help you file a claim if the client gave them permission. If there was an executor, ask them to reach out to the financial advisor as well.

Search with the National Association of Insurance Commissioners (NAIC)

NAIC has an online Life Insurance Policy Locator Service that searches the records of participating life insurance companies using the deceased's name. This service is free, confidential, and easy to use.

Conduct a search with the National Association of Unclaimed Property Administrators (NAUPA)

NAUPA offers a free tool to locate lost or unclaimed insurance money and other property. Simply select your state and check for any records of insurance benefits or money owed to you.

Contact previous employers

Many companies offer life insurance as part of their employee benefits packages. Reach out to the HR department of the deceased's most recent employer to see if they have any records of a life insurance policy.

Try the state insurance department

If the insurer is aware of the policyholder's death and the beneficiary hasn't filed a claim, the unclaimed life insurance will eventually be passed on to the state insurance department. NAIC can provide you with the contact details for the relevant department in the state where the policy was held.

Remember, it's best to start looking into unclaimed life insurance as soon as possible. Don't rely on the insurance company to find you, as they may not be aware of the policyholder's death until a claim is filed.

Frequently asked questions