With the new year coming soon, one thing that every Central Oregon resident should do is review their life insurance because, this form of insurance protection should be essential, regardless if someone is married, has children or not.
Where Is The Life Insurance Paperwork?
The first step that anyone should take when reviewing their life insurance policy is finding their life insurance paper work, this isn’t an easy task especially if someone has moved a few times in the last five years but once the paperwork is found it’s important to sit down and review what it actually says.
- How much life insurance? If someone is single, it’s okay to have a minimum amount of life insurance from $10,000 or more but for married people, with children, they should have much more life insurance, at least $250,000.
- Who is the beneficiary? This is important to review, especially if the policy holder has gotten married or had children in the last few years, they should review their beneficiaries and make sure that all of the people in their immediate family will be cared for in the event of their untimely death.
- Is the policy active? The easy way to find out the answer to this question is to call the life insurance company and verify that payments have been received and that the policy is still active. Many people might be surprised to find out that their insurance policy is not active because, they switched banks and forgot to change their automatic payments with their insurance company.
Storing Insurance Paperwork
After the life insurance policy has been reviewed it’s important to store all life insurance paperwork as well as other insurance policies in one central location. For example: waterproof box, fire safe or in a safety deposit box at a local bank.
Once insurance documentation is safely stored away, it’s important to notify loved ones in the immediate family just so they know where to look for the paperwork in case the policyholder passes away
To learn more about life insurance or to get a low life insurance quote, contact the Farnsworth Agency today by calling (541) 318-8835.