Is there a time limit for claiming life insurance death benefits?

Answer 1

No. In fact, the benefit will usually grow at interest until the insurance company can locate a beneficiary. One thing that some people don't consider is the fact that often an insured dies and no one knows he had insurance. Since no claim is made, the insurance either assumes he is still alive (in the case if a paid-up policy) or any unpaid premium notices will alert the executor that there is a policy in force. If the policy had been paid up and no one makes a claim, the insurance company will start looking for a beneficiary at the time when the policy was to mature. (Usually at the time when the insured would have been 95-100 years of age) My company used to sell insurance all over the world, including in Russia before the 1917 revolution. We left there shortly after World War I when the ruble was made non-convertible and we couldn't continue to operate. Back in the late 1980's, someone brought me a copy of a policy on a relative who had died in the '50's. The policy had been "paid-up", meaning no more premiums were due. My company had been holding the money waiting for someone to file a claim. After providing evidence of death and convincing us that they were direct descendents of the insured, we paid them the original face amount (not a huge sum) plus interest on that amount calculated from the date of death (which was a pretty large sum). So there's no time limit. It might get harder and harder to prove you're the right person to receive the proceeds, however.