The penalty for late filing of a beneficiary claim for a life insurance policy can vary depending on the insurance company and the specific policy terms. In most cases, there is no actual penalty for filing late, but there may be limitations on the length of time within which a claim can be filed. These limitations are usually mentioned in the terms and conditions of the policy. It is important to note that filing a claim as soon as possible is recommended to avoid any potential delays or complications in receiving the payout. If you are unsure about the specific requirements and limitations of your policy, it is advisable to contact the insurance company directly for guidance.