Be Prepared: Secure Your Life Insurance Records

When you’ve taken the important step to protect your loved ones after your death by purchasing a life insurance policy, it’s critical to ensure your beneficiaries can access your life insurance records so they can submit a claim.

Types of information to keep

According to the Insurance Information Institute, for every individual life insurance policy you have, you need to make a record of the following data:

  • The correct, full name of the life insurance company that issued your life insurance policy
  • The city and state of the office of the company that issued it
  • If the life insurance company belongs to a group, record the name and address of the U.S. HQ of the group
  • The name and contact details of the agent or broker who sold you the policy
  • The policy number
  • The type of policy—whole life, term life, etc.
  • The number and types of riders
  • The date the life insurance policy was issued
  • The full amount of the death benefit
  • The legal name(s) of the beneficiary or beneficiaries
  • The location of the original paperwork of the life insurance policy

If you have life insurance through your employer, you need to record this information:

  • The name and address of the employer that provides the life insurance
  • The contact details of the person or department to reach out to when it’s time to file a claim
  • The certificate number (this is comparable to a policy number on an individual life insurance policy)
  • The date the insurance was issued
  • The amount of the death benefit
  • The full legal name(s) of the beneficiary or beneficiaries

If you have life insurance through a pension, workers compensation program, annuities, disability insurance, or another financial program, record the following information:

  • The type of policy that includes the death benefit
  • The full name of the life insurance company that issued the policy
  • The city and state of the company that issued it
  • The name and contact details of the agent or broker who sold you the policy
  • The policy number
  • The date the policy was issued
  • The amount of the death benefit
  • The location of the original policy

If you have a credit card or loan that includes life insurance to pay off any outstanding loan if you pass away, you should make a note of:

  • The full name of the credit card company or lending institution through which you obtained the life insurance
  • The number and date of issuance of the loan
  • The contact details of the person or department to contact when it’s time to file a claim
  • The policy number of the life insurance policy that covers the loan

Where to store your life insurance documents

To avoid losing your documents in the event of a fire or flood, you need to keep multiple copies of each policy:

  • Store one copy in a safe at home
  • Store a digital copy in the cloud
  • Store a copy with a relative or friend you can trust to keep it safe
  • Store a copy with your attorney or accountant for safekeeping

Contact us with any questions

If you have any questions about storing your life insurance documents or if you need assistance selecting the right policy for you, reach out to us. As an independent life insurance broker, we’re unique poised to objectively help you determine which policy best meets your specific needs. Please contact us at your convenience.

Sources

https://www.iii.org/article/how-should-i-organize-and-store-my-life-insurance-records