Life insurance is a financial policy intended to grant beneficiaries a sum of money in exchange for premiums paid while the insured is still alive. Life insurance can be set for a certain time, or it can be a permanent policy that lasts as long as the insured is alive. There are also convertible or renewable plans that begin with a set term but can either be extended or shifted to a permanent basis.

If you are a named beneficiary of a life insurance policy, then you typically won’t have to file a claim with the life insurance company. Instead, after the insured individual passes away in a manner covered by the life insurance policy, you will automatically receive the life insurance payout.

Typically a life insurance claim is filed by the named beneficiaries. After the death of the insured individual, beneficiaries and the insurance company will determine whether the cause of death is covered under the life insurance policy. In most cases, this will result in a payout and funds can be allocated to cover end of life expenses such as funeral and outstanding debt expenses.