Hopefully, you go to your physician once a year for an annual checkup. The logic behind this is to make sure you are in good shape and if there is a problem it can be dealt with before it gets out of hand. The same is true of your "financial wellness".
In that vein of thought we at Surf Financial Brokers ask, "Have you had an annual life insurance check up?" It only takes a few minutes and could save your loved one a lot of pain down the road.
First, make sure you have enough life coverage. Many people think they can get away with a small policy through work, but it's probably not enough to keep your family in their home and retain their lifestyle if something were to happen to you. And if you in a two-income family like many other Americans, your income definitely helps pay the bills. A quick and easy way to determine the amount of life insurance you need is with our calculator. It only takes a few minutes to plug in some numbers and get a pretty accurate amount of coverage. Make sure you have enough coverage to pay off debt, cover education costs for your kids, replace income and costs associated with death, such as an extended hospital stay. Don't forget to include final expenses, like burial or cremation fees, funeral expenses etc.
Second, make sure your beneficiaries are who you want. When you took out your policy years ago, you picked out who you thought were the right people to be your beneficiaries. We recommend that you take another look at whom you have chosen and make any adjustments that may be needed. An irresponsible adult child or a deceased loved one may not be as suitable as you thought originally. Have your agent get you the correct forms for beneficiary changes. Keeping your beneficiaries up to date will save your loved ones a lot of time and expense.
First, make sure you have enough life coverage. Many people think they can get away with a small policy through work, but it's probably not enough to keep your family in their home and retain their lifestyle if something were to happen to you. And if you in a two-income family like many other Americans, your income definitely helps pay the bills. A quick and easy way to determine the amount of life insurance you need is with our calculator. It only takes a few minutes to plug in some numbers and get a pretty accurate amount of coverage. Make sure you have enough coverage to pay off debt, cover education costs for your kids, replace income and costs associated with death, such as an extended hospital stay. Don't forget to include final expenses, like burial or cremation fees, funeral expenses etc.
Second, make sure your beneficiaries are who you want. When you took out your policy years ago, you picked out who you thought were the right people to be your beneficiaries. We recommend that you take another look at whom you have chosen and make any adjustments that may be needed. An irresponsible adult child or a deceased loved one may not be as suitable as you thought originally. Have your agent get you the correct forms for beneficiary changes. Keeping your beneficiaries up to date will save your loved ones a lot of time and expense.
This was the case when my father passed away this year. He had three life policies that had not been looked at in years, even though I asked. One policy had his father and mother listed as the beneficiaries.They had died in 1970 and 1992 respectively. Another had my mother listed as the primary beneficiary, but she had died in 2011. The third policy was the really confusing one, as he had listed his business as the beneficiary. Again, the business had been shut down years earlier.
Which leads us to the last part of the check up. Let your family know who to contact if they need help at your death. Unfortunately, life insurance agents come and go. The trusted agent you purchased your plan from may or may not still be in the business, or they may have gone to work for another carrier. If your original agent is no longer available to help you, contact the company and request a new agent of record to assist you. Leave this information available for your loved ones so they don't have to waste time and money trying to file your claim. And be sure to keep documents like life insurance policies where your family can find it, like a safe or lockbox. My sister has a file that her adult children are aware of that has all of her insurance information in one place.
If you need help or have questions, please let us know.
Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!
Which leads us to the last part of the check up. Let your family know who to contact if they need help at your death. Unfortunately, life insurance agents come and go. The trusted agent you purchased your plan from may or may not still be in the business, or they may have gone to work for another carrier. If your original agent is no longer available to help you, contact the company and request a new agent of record to assist you. Leave this information available for your loved ones so they don't have to waste time and money trying to file your claim. And be sure to keep documents like life insurance policies where your family can find it, like a safe or lockbox. My sister has a file that her adult children are aware of that has all of her insurance information in one place.
If you need help or have questions, please let us know.
Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!
No comments:
Post a Comment