What Life Insurance Policy Holders are Responsible For

Here’s what you need to take care of as a life insurance policyholder.What Life Insurance Policy Holders are Responsible For

If you have secured the proper life insurance coverage, this is just the first step of many that you’ll need to take. Being a responsible life insurance policyholder requires more than simply paying your premiums. Here are some of the other tasks that you’ll need to check off your list.

Review Your Policy

Once you have secured a life insurance policy, it’s important to review and update it on a regular basis. You should review your policy after any major life events, such as the birth of a child, a job promotion, or when you purchase a home. When reviewing your policy, make sure you update information such as the names of your beneficiaries and your own personal information. Even if a major life event does not occur, you should still check your policy on an annual basis to ensure that it is still meeting your coverage needs.

Keep a Copy of Your Policy for Safekeeping

While this seems obvious, many people actually lose track of their life insurance policies. This is why you should store a copy of your updated policy in a safe and accessible place inside your home. You should also keep a copy somewhere where your beneficiaries or executor can easily access it in the event of your death.

Keep Your Beneficiaries in the Loop

Finally, you need to keep your loved ones informed about your life insurance. For instance, they should know where they can find a copy of your policy, who your insurance carrier is, and who is named as a beneficiary on your policy. If your beneficiaries are of an appropriate age, you should actually give them a copy of your policy for safekeeping. This way they can access your policy and know their rights if you were to die unexpectedly.

These are some of the things that you are responsible for as a life insurance policyholder.  Do you have additional questions regarding your life insurance coverage?  If so, do not hesitate to contact the experts at ISU-Wissink Insurance.  We are ready to assist you with all your personal coverage needs today.