Insurance
Why you Should Keep Track of the Insurance Policies!
By Financial-Shopper-Network.Com
Sep 4, 2007 - 4:17:00 AM

After you purchase an insurance policy, you need to keep this document in a secure location. Further, it is important to notify your spouse, beneficiary, or other financial and legal representatives of its whereabouts; otherwise, they may not know to file a claim in the event of you being incapacitated or deceased.

There is a certain euphoria that some people experience after purchasing an insurance policy (i.e. life insurance or health insurance). But after the purchase of the policy, it is not uncommon for people to misplace the insurance policy because many pay by automatic bank or credit card draft. These individuals might not pick up the policy again unless they wish to increase, decrease, or surrender the policy. During my days as an insurance agent, I visited many homes where people could not find their policies.

If you do not know where your insurance policies might be, you should not expect your family to know either. It is necessary for your family, beneficiaries, and other financial and legal representatives to know what active policies that you possess. Therefore, talk to your family and other representatives (financial and legal) about your policies. Also, you should get a safe deposit box or other document holder to hold these items. Without this valuable information, those handling your finances and healthcare decisions might not know to file a claim or which insurance company to call. This can be especially troubling if you cannot talk because of an illness or injury or die as a result of the illness or injury.

Do not wait to find your insurance policies. You never know when it is too late. If possible, take the time today to place them in a secure location and set up that appointment with your family and financial and legal representatives.

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*Disclaimer: This article does not constitute financial advice. Always consult a tax advisor or financial advisor when making investment decisions.