You probably all know that last month was National Preparedness Month. With that being said, watching the evening news between dams breaching, six-alarm fires and massacres, I thought I’d offer my clients a few tidbits on getting their life insurance up-to-date.
Trick or Treat
The treat is if you are (or have been in the past) a client of POSSE’s, I will gladly give you my insurance template. Just send me an email and I will put it in your digital goody bag.
The trick is if you’d like to create one yourself, you’ll want to set up a spreadsheet with columns that include the following information going across the top of the spreadsheet horizontally:
- Company Information (Name, Address, Phone)
- Policy Type
- Policy Number
- Cost Per Year
- Death Benefit
- Cash Value
- Beneficiary (Make sure you have both Primary & Contingent)
- Last Reviewed Date
Make sure that the last reviewed date is sometime this month and then tuck this document into a safe place telling a loved one where it is. Then mark your calendar to review it again next Halloween and you’ll always know when to update your Life Insurance. By tagging a “To Do” with an annual occasion such as Halloween, you’ll be more inclined to keep it “Top of Mind” every October.
This treat is on me; don’t let the trick be on you. Get your insurance up-to-date before this Goosey Night.
My colleague Bill Abbott of Abbott Insurance Company … says a couple of things to think about when determining life insurance is to consider it as “income insurance” because what you are basically trying to do is replace the years of income that you believe you will need. Additionally, if one is planning his/her retirement properly, age has a lot to do with the amount of life insurance you may or may not need. Everyone should have a needs assessment done. (Sounds a lot like an organizing assessment!) Please feel comfortable calling Bill at 201-933-3333 or emailing him at email@example.com, he’d be happy to give you an assessment.
Good Questions to Ask Your Life Insurance Agent
(if you don’t know the answers)
- Has the insurance company’s name always been the same or has it changed?
- What type of policy is this?
- What is the annual premium? Any way to lower it?
- What is the death benefit?
- What is the cash surrender value?
- Additionally, is the cash value added to the death benefit or is it just the death benefit?
- Who is listed as the primary and contingent beneficiaries on this policy?
- What is the process & procedure for your company should the insured pass away?
- What documents (originals?) need to be provided?
- Who is my insurance rep and his/her contact information?