Problems tend to occur when a life insurance policy is purchased, and payments are continually provided without ever making sure the policy continues to meet your present day needs.
A shocking number of policies are payable to ex-spouses or others whom the insured would NOT have wanted to receive the proceeds since things have changed from the time the policy was originally put into place. A common occurrence overlooked when a policy has not been reviewed, are the children born after a life insurance policy was originally purchased.
Unfortunately many existing life insurance policies have named beneficiaries who are no longer relevant. In some cases the person named as the beneficiary is deceased and a new beneficiary or contingent has not been filed with the life insurance company. Note: Beneficiaries should be verified on a regular basis while life insurance policies are in place.
We tend to neglect the follow through after we have finished the process of securing the financial security for our loved ones. It’s a great feeling when we have done the responsible thing, and made the decision to provide for loved ones financially. But we need to remember the responsibility does not stop with the purchase alone. Maintaining the policy and making sure the proper people know about the policy is part of the the follow through. Otherwise the financial security you originally had intended to provide, may not workout as you had planned.
Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). No gimmicks or schemes here, just genuine and honest service. We don’t sell insurance, we solve problems. I welcome the opportunity to show you what NCL can do for your Life Insurance and Financial needs.
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