The following is my answer to a Quora question: “If
I buy life insurance, and do not tell anyone, how will my beneficiary know
about it when I die?”
When you pass away, as part of the probate process,
the lawyer will write to every bank and insurer to check if you have an account
or a policy. This may take months. Should you have a will, and an executor, it is
part of his job to distribute the proceeds according to the will.
Alternatively, nominate the policy, and bypass the
probate process. Your beneficiaries will
be directly informed by the servicing financial advisor. This takes days, or weeks.
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