Uncle Frank died leaving Aunt Louise a life insurance policy. The only problem is Aunt Louise didn’t know she was supposed to look in the coffee can in the garage for the important papers that accompanied the life insurance quote. It was quite a while before Aunt Louse found the proper papers.
You’ve gone through all the trouble of getting a life insurance quote and paying for it for all those years. It would be a shame if at the time of your death your family didn’t receive its benefits because they couldn’t find where you stashed the paperwork.
So that everyone knows first that a life insurance quote was given and a policy in force, you should have at least two copies of these very important papers kept in two separate locations. If you do this with the policy you received from that life insurance quote, then the odds are also lessened that the papers would get destroyed in a fire or flood or even get thrown away accidentally.
For each life insurance qutoe you get that eventually you buy a policy for, you should have specific information ready for your beneficiearies. They should be aware of the full name of the life insurance policy who provided you with the quote. Your beneficiaries should also know the city and stae of the company that issued you the quote and later supplied you with the policy.
Your beneficiaries should know the policy number of the life insurance quote as well as why type of life insurance quote it is. Is it term life or whole life? And lastly at least some one other than yourself should be aware of the location of the original policy.
If you do this after you receive your life insurance quote, then you are ensuring that your family will be taken care of after you’re gone.
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