If you have purchased life insurance, then you have done a great job. Your policy provides financial security for the entire family or any love ones if anything bad happens to you. There are many things you need to keep in mind to confirm that your family or beneficiaries know about your insurance policy as well as where you keep it after purchasing a life policy.
- Review Your Policy Yearly:
Don’t forget to review your life insurance policy annually, and you can take help of an insurance agent as well. The amount you require and who will take benefits of your policy can change based on what is happening in your life like as marriage, having children, divorce, retirement, buying a home, car and other life-changing events.
For example, suppose you are married and have a purchased a policy and your spouse listed as a beneficiary. If you have children after a few years, and you want to add them as contingent beneficiaries that will make them the backup beneficiaries in case anything bad happened to you and your spouse at the same time. May be you want to get a larger amount of coverage to provide for the anticipated cost of their school and college education.
- Tell Everything To Beneficiaries Know About The Policy:
You have purchased the policy to protect your family or loved ones, so it is important to tell beneficiaries about the policy like coverage, how much premium you pay monthly, quarterly or yearly, etc. Remember, if they are not aware about your policy, then it cannot come to light in the time of they need after your death. If you keep your insurance policy in a safe place, let them know about that place.
- Always Keep Your Policy Safe
Keeping your policy safe is very important, and the best place to keep it in your safe or in a water or fire-proof home safe. Besides, you can keep your policy in a bank safety deposit lockers. In most states of Canada, safety deposit lockers or boxes are sealed temporarily when the owner of the policy die and when the death benefit is required the most.
So remember, always keep your insurance policy safe and tell the beneficiary or beneficiaries about it in detail as well as review it annually.
There are uncounted numbers of life insurance companies in Calgary, and if you have any doubt regarding the company holding your life insurance policy, then investigate its credibility and stability. Determine whether the company’s financial rating is good or bad. If the rating is not up to that level that means the company is enduring some bad publicity and its capability of paying cash is in the question mark.