Organize it… How to Store Your Life Insurance Policy & Other Crucial Paperwork

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Posted on 14th September 2010 by Rita in 401k |Annuities |IRA |Life Insurance |Retirement and Estate Planning |TERM Life Insurance |WHOLE LIFE Insurance

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Files to Organize your paperwork
You’ve done all the work on important issues… when it comes to protecting those you love. Now make sure all your documents are in safe keeping and that someone knows where to find these documents. One of the main reasons for your “think ahead planning” is to ease the burden to your love ones… so don’t over look the fact that someone needs to know where to find all the paperwork.

Commonly there will be 3 people with a set of your crucial documents:

  • Your Attorney
  • Executor of your estate
  • Yourself

In addition it is a good idea for you to have two sets of your paperwork. Keep one copy at home, and a second in a safe location out of your home, such as in a safe deposit box. Make sure your loved ones know that you have a Life Insurance Policy, Last Will and Testament etc., and where you have stored these essential documents.

Here is a check list of information you should compile in order for the claims process to go smoothly for your loved ones. (Each individual plan that you have needs this information listed.)

  • Name and Address of Life Insurance Company. (Note if company is part of a group or has a parent company, also list the Name and Address of the Main/Parent company.)
  • Name and Address of the Agent/Broker who sold you the policy.
  • Policy Number
  • Physical location of the original paper work
  • Name, Address and phone number of your Attorney

Don’t forget about other policies that might offer a death benefit or burial insurance.

  • Life Insurance offered through employers
  • Payment protection plans offered by credit card companies and/or banks
  • Death benefits from pensions, 401k’s, IRA’s, annuities, disability insurance and other similar plans

All these things are investments to your loved ones future and well being… therefore it is essential that you keep accurate records and follow through with the entire process. It would not be beneficial to your loved ones after you have acquired a life insurance policy for their protection and no one is aware that the benefits exist or how to receive the benefits.

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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  1. Life Insurance Atlanta says:

    This is a great topic to discuss. Everybody talks about how important insurance is and why they should get it, but not all mention how to store the important documents in a way that will make them easy to access when the need arises. Thanks!

    14th September 2010 at 9:46 pm

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