Submitted by: Lora C. Bartlett, Sales Manager, Western & Southern Financial Group
It’s the end of another year. Our families will be gathering for the holidays, resolutions will be made, promises to do better and to be better will be announced, and a New Year will begin with the hope of a New Day. All of this makes for a great time to review your life insurance, just in case.
Your Life insurance Policy and its updates contain very valuable information: the death benefit, your beneficiaries, any fund accumulation or dividends you may have attained, your private information such as your social security number, age, dependents, etc. When you take a moment to look it over, please be sure to call your agent and make sure the following stop-gaps and caveats are in place:
• Contingent Beneficiary (ies): these are established just in case your Primary Beneficiary has predeceased you
• Fund accumulation: if you have chosen a Whole Life Policy, after two years or so it has begun accumulating a fund from which you may be able to borrow for such things as a down payment on a house, a replacement car, etc. The fund is there for you, just in case
• Dividends and their accumulation: Whole Life Policies from a participating company pay out dividends, depending on the option you have chosen. Some of the more common options are to accumulate at interest or to buy additional insurance within the same policy, just in case
• Term Policies: these policies do not accrue any interest and are designed to provide a death benefit at a reduced premium. Term Life Insurance is designed for those individuals who have large needs should their death come at a time of debt accumulation (i.e. mortgage, credit card balances, college funds, etc.), just in case.
• Make sure your loved ones, your beneficiary perhaps, know where your policy is located should anything happen to you, just in case. The ability to begin a claim as soon as possible after your death can mean the difference between a funeral you planned for and one that may put your loved ones into debt, even if only temporarily. Insurance companies are required by law to perform due diligence in locating a person’s beneficiaries upon his or her death. However, an insurance company can do nothing without proper notification!
At the end of the year, just as with the end of the day, we can look forward to a new chance with every new sunrise. Review your life insurance or have a licensed professional do it for you.
Peace of mind is an invaluable thing. Just in case!
