Life insurance spring cleaning
This time of year a lot of things can get lost in the shuffle. Especially after the last year that we have all had. A lot of being inside, surrounded by the same things day in and day out. It is easy when we constantly surrounded the same things to become blind to them. The same thing can be said about our life insurance policies. When we have had the policy that we once felt was adequate in place for a long time we become complacent about it, or even our lack of coverage. It is easy for people who have never had coverage to push it aside or to simply continue not thinking about it. Insurance much like everything else should be looked over at least annually to insure that you haven’t had any major life changes that may impact your coverage. Today we will be discussing some small things you can do to ensure that your coverage is as adequate as you expect it to be.
TAKE AN INVENTORY
First and foremost you should make sure you have physical copies of your policies all in one place, if possible in a safe or fireproof box for safe keeping. Additionally its a good idea to keep a ledger or proof of payment with these as well. This is not only a good idea incase you ever need to access your policies to review them for any reason, its also good to have all of this information in one place in the event that any of your beneficiaries need to file a claim.
CREATE A WRITTEN RECORD OF IMPORTANT INFORMATION
For people who are not familiar with your policies or how life policies work in general it is very helpful to have a list included with all the important information. Things like policy amount, beneficiaries, policy numbers, company contact information and any other information that you consider relevant to your specific policy. When the time comes for your beneficiaries to file a claim having this information handy will provide essential for a smooth claim filing process.
REVIEW CURRENT POLICIES AND ASCERTAIN ANY NEW NEEDS
Once all of your information is in one place and organized for you and your loved ones you can get down to the real nitty gritty. There are really just two VERY important questions you should be asking yourself in regards to you life policies at least once a year. First, have my beneficiaries changed? If so you will need to have the reflected in your policy. Beneficiaries are added and subtracted from policies all the time for any number of reasons but this most of all is on you and your family to decide and ensure it is reflected in your policy. Second, Has my and my families financial circumstance and quality of life changed since I opened or last reviewed my policy? It is easy to think of insurance as a set it and forget it kind of product. But that could not be further from the truth. As life goes on we make progress and our expected standards of living for us and our loved ones generally improve. As agents we have some rules of thumb we got by when deliberating exactly how much coverage is adequate for you but ultimately that decision is up to you. So each year you need to ask yourself if your current policy reflects the life you want for your loved ones future. If your not sure where to start with this you can a always take the information you have gathered before this step, scan or upload it to you computer and reach out to us for a free current policy review and we can answer any questions and make any suggestions you may be looking for.
While a lot of this seems like common sense the majority of people treat their policies as something that needs no yearly maintenance. However most policies should be review annually and amended or supplemented to ensure that your current coverage reflects your current life circumstance. If you manage to take time out to do this once a year then you can rest easy knowing that the people you care about the most are taken care of if the need arises. WE ARE ALWAYS HERE TO HELP, GET A FREE POLICY REVIEW OR START YOUR LIFE INSURANCE CONVERSATION TO MAKE SURE YOUR FAMILY IS COVERED TODAY!