If There Is A Delay In An Insurer Paying The Death Benefits After A Claim Is Made, Is The Beneficiary Entitled To Any Interest On The Death Benefit?
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UPDATED: Jul 16, 2021
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Yes. The insurance company is entitled to take a reasonable amount of time to finish any necessary investigation and processing, but it should pay interest to compensate the beneficiary for the delay. Unless the case has some unusual complications, a death claim should be paid within a few weeks. Some companies will authorize their local office to write an advance check for a portion of the total claim amount if the beneficiary needs money in the interim.