Keeping the following life insurance information will help to give ensure your loved ones can benefit from the policy.
Life insurance is meant to provide financial protection for your loved ones after you are gone. However, if they cannot find your policy to collect the death benefit, they will not be able to get the payout that they deserve. Properly storing your life insurance documents will help to make it much easier for your loved ones to collect on your policy.
Keep the following information in an easy to locate area to ensure your beneficiaries get what they deserve after you pass away.
- The complete name of the life insurance company that provided the policy.
- The state and city of the home office of the insurance company that provided the policy.
- The name and United States headquarters of the insurance group that the issuing company belongs to, if applicable.
- The policy number.
- The date that the policy was written and issued.
- The amount of the death benefits that the policy will provide.
- The address and name of the insurance agent who sold the policy.
- The type of policy, such as a whole life or term.
- The location of the original copy of the policy.
You should keep at least two copies of the above information. The first copy should be kept at your house in a secure location, such as in a locked file cabinet or safe. Make sure the file is clearly labeled to avoid any confusion. You should also keep a copy of all the information at an offsite location, such as in a safety deposit box at your bank. Having a copy that is kept at a separate location will help to make sure that the policy can still be collected if your house is completely destroyed by a covered peril.