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Also, death certificates are issued by local government agencies who aren't required to notify life insurance companies every time a citizen passes away. So, insurance companies typically don't even know that a policyholder has passed away until someone submits a beneficiary claim.

There is no time limit for beneficiaries to file a life insurance claim. However, the sooner you file a claim for a death benefit, the sooner you will receive your money. Filing as soon as possible makes sense because the insurer could need a month or longer to investigate the claim before paying out.

Don't assume that, if a loved one passes away, you will automatically be contacted by their life insurance company. If you think someone might have left you some money from a life policy, there are things you can do to find out.

Contact life insurance agent or the company's customer service department. The beneficiary will need to notify the insurance company or agent of the policyholder's death. If there's a group life insurance policy, contact the employer. They will guide you through the process and indicate which documents you need.

Please contact your human resources department for more information. Q: If my claim is approved, when will I get paid? A: Once your claim is approved, we process payments immediately. It takes about seven days for direct deposits to show up in your bank account or 7 ? 10 business days to receive a check in the mail.

It can also be obtained by calling (800) CALL - NYL (8 a.m. - 7 p.m. ET). Or you can report a death online at .newyorklife.com and a Death Benefits Proceeds form will be sent to the beneficiary on record.