How long is an acceptable time from approval to payout for life insurance policy?

tasticz

We made a claim on my fathers life insurance policy. The claim was approved back in the first week of May. We received a letter asking for bank account details of where the payment was to be made. 

I sent the bank account details on 2nd week of May. I have still not received the payment. Spoke to them last week Tuesday - 3rd June, they said it was sent and will be with me in 3-5 days and sent email confirming that. I have still not received the payment...

How much longer should I wait before chasing this up? Shall I speak with the complaints department or the case handler still?

jonesMUFCforever

IMO The case handler. Due to you now  what, these companies are very short of staff - many working from home - this might cause delays in all aspects of the company not merely payouts.

TELLIT01

3 to 5 days generally means 'working days' so 5 means a week.  Given the current staffing situation I would give them until the middle of next week before calling again.

Old_Lifer

I would agree with both the above posts.

In normal times  a week  or  ten days would be reasonable,  once all the  requested  documentation  has  been received.     The  main reason  for delay  is  waiting for  the Grant of Representation  (Probate or Letters of Administration)   if required.     This can often take  a couple of months or more. 

During my service we automatically  paid interest from  the date of death to  the payment date.      I have no idea  whether interest will be paid in your case.