If something were to happen to me today, when and how does my coverage get paid out?

If you were to pass away today, your life insurance death benefit will pay out within a certain number of days, often 30 days or less, after the life insurance company receives the claim and paperwork. Read question “What does my family need to do to claim my death benefit after I die?” for more details on processing death claims. If you were in a healthcare emergency that is covered by the details listed in your healthcare rider (i.e. chronic illness, long term care, or critical illness), the time prior to payout will depend on the elimination period stated in your policy. Often, this elimination period could be between 1-3 months where you will be responsible for paying healthcare and living expenses out-of-pocket prior to the activation of the rider.