Our customer support team can guide life insurance beneficiaries every step of the way.
If you’ve decided to get life insurance, you should be proud of yourself. It’s an important step to take when working towards your financial goals. Part of these goals is obviously having plans in place that would protect your family, should you pass away. But one thing you may not have considered is the actual process your loved ones will have to go through to get the money to pay off debts.
While going through the motions can be a little tricky, Wyshbox has revamped the way life insurance companies think about their members. Our customer support team, aka our Wysh Granters, are skilled reps that can help your beneficiaries go through each step. Let’s dive deeper into what your family can expect and how you can set them up for success.
In This Article
What it means to be a primary beneficiary
In case you’re unfamiliar with the term, a beneficiary is the person the policyholder nominates to get the money from their policy when they die (which usually comes in a lump sum). Unfortunately, this person is also usually the one who may incur debts after their loved one’s death, so having money to help with bills is a welcome respite. While getting a check may seem like a simple step, hurdles may come up because of unforeseen financial burdens.
First things first is figuring out what paperwork they need to submit for the claim. This most likely includes the death certificate, the claims form (which normally is provided by the insurance company), and the original policy document. The beneficiary may need to continue working with the insurance company to answer questions and submit further documents to continue the process.
When the beneficiary does receive the payout, they have to consider what the best course of action is, in terms of taking care of debt. It could be anything from funeral expenses to mortgage payments, car loans, and school loans. Most people want this taken care of quickly since the last thing a family needs is to default on a necessity of life. And what if you, as the policyholder, also had other things you wanted to fulfill? Maybe you want money donated to a charity, to pay for someone’s wedding, or to send flowers to your mom every day for a year. Your family has to figure out not only how to work with lenders, but also with any organization or company that is taking care of your choices.
At this point, your palms are probably getting sweaty thinking about the possible burdens you’re leaving behind, but there’s no need to worry. Wyshbox has got your (and your family’s) back!
How Wysh Granters help beneficiaries through the process
While we rock at having a great digital experience, we’re also really proud of the fact that we have a superstar customer support team for our members and their families. While there are no life insurance beneficiary rules that dictate how a loved one’s payout has to be used, the beneficiary has great options if they decide they need some guidance during the claims process.
Make the claims process easy
Wysh Granters take the guesswork out of filing a claim to make sure all the necessary steps are taken. They can provide all the information that a beneficiary needs to start the process—from filling out the correct paperwork to submitting the essential documents.
Partner with lenders
Once the beneficiary receives the death benefit, they can rely on Wysh Granters to take the lead in paying off any outstanding debt or bills. They can work with the beneficiary to gather the necessary contact information. Then, they can get in touch with lenders to work out payment arrangements for the bills that need to be taken care of.
For instance, if your loved one wants to make a mortgage payment, pay college tuition, or make a car payment with their death benefit, a Wysh Granter can help the beneficiary contact the bank or lender to get it taken care of.
Work with your loved ones
We know it’s not just about debt. Wysh Granters can help fulfill your Wyshes, which are the financial dreams and goals you would want granted once you’re gone. The best part is they can be tailored to your unique needs. We’re talking about really cool things like making sure your cat has a never-ending supply of treats, paying for your bestie’s happy hour every thirsty Thursday or even shooting your ashes into space (we really love that one). Wysh Granters will do their very best to help your family go through your account and help fulfill your Wyshes.
Wysh Granters are here for you and your family
We know the waters can be murky after someone’s death, so our support team is here to make the claims process go as seamlessly as possible. We are here to help Monday through Friday, 9AM-5PM EST via chat and in-app support. Whatever your Wysh, our Wysh Granters will provide the knowledge and support your family needs.