Life Insurance: Living Benefit: How Apply For

• Complete the application. Make a copy "just in case." Send or take it to the doctor who is willing to provide a "life expectancy".
• Find out how long it will take the doctor to complete the form, set alerts on your computer or make a note in your calendar. Follow up if you haven't received the form by the noted date.
• Review the completed form, including the doctor's statements, to be sure everything is completed as desired. When you look at the "life expectancy" keep in mind it's about statistics, not what will happen to any individual. Also keep in mind that the doctor is trying to help you. Indicating a life expectancy as short as he or she can will help you obtain this benefit.
• Make a copy of the form for your files.
• Submit the form with a cover letter that references your policy number and states that you are requesting a Living Benefit under the policy. Mention the amount of money you want to receive as an advance. If you want a check, tell the company to whom it should be payable. If you prefer a wire transfer directly to your bank account, give the insurance company the routing information as well as the name on the account (You'll find the bank's routing number on your checks -- or call and ask the bank.) Ask that your request be attended to as soon as possible. Tell the company to call you if there are any questions. Be sure to provide a phone number at which you can be reached during business hours. Send the letter via certified mail or similar means which will permit you to trace it and to prove that it was received.
• Follow-up with the insurance company periodically to find out the status of your application. We recommend that you follow up a day or so after you send your information to confirm its receipt -- even if you already know it was received because you track it through the carrier. At this time, ask how long it will take to process. You should then set alerts on your computer or note dates in your calendar to call at least once a week to find out the status of your application.
• Before you receive payment, think through what is the best place to park the money until you are ready to use it.

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