You found this post likely because you discovered your loved one has a life insurance policy and now you need to know what to do. It is my hope that this article will be read in advance of the passing of your loved but I will also address steps to take if they have already passed.
We’re never fully prepared when those we love pass away & the financial burden can be overwhelming. Allow me to help ease your mind and provide some direction.
IF YOUR LOVED ONE IS STILL LIVING
The best life insurance is the one that is in force at the time of death. I highly recommend that the policy owner or premium payor sit down to review the policy now. Why review?
Perhaps there has been a divorce, and the beneficiary is a former spouse.
The owner or premium payor changed banks and failed to notify the insurance company of new account information.
Maybe the policy ‘expired’ (some policies are only in force for a specified or limited amount of time).
Has there been an ownership change or perhaps a trustee made changes the family wasn’t aware of?
The name of the insured may have changed (due to marriage, divorce, etc.).
Is there a ‘loan’ against the policy?
Can or will the insurance company contest the policy?
When or will the coverage terminate?
Has there been an address change for the owner or insured?
Needs change over time, and the amount of coverage may be drastically low, leaving a large gap.
If term policy, can it be ‘converted’ to a permanent plan, and if so, by what date?
Make it a priority to place your life insurance policy in an area that is easy to locate. Additionally, notify your immediate family/beneficiaries of the precise location of the policy(s). This time of life will be stressful enough on your family; knowing where important documents are located will ease the burden and help navigate this season of life.
IF YOUR LOVED ONE HAS RECENTLY PASSED
Please accept our sincere condolences to you and your family during this time. If you need immediate support, On Point is here to provide review services of your policies and give you a customized step-by-step consult to assist you in organizing your thoughts and actions to move this process along and ease the financial burden that unfortunately goes hand in hand with losing those we love. Complete the form below to schedule a consultation.
Questions like this can be running through your mind: “Who do I call? When should I call? What do I say? What information & documentation will I need to provide?”
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