How to Store Your Life Insurance Policy Paperwork

By Maryalene LaPonsie on June 7th, 2010

After undergoing the life insurance underwriting process and signing the paperwork, you finally have a term life insurance policy that provides you and your family with peace of mind. Now that you have a life insurance policy, make sure you have your paperwork organized. That way your loved ones can easily find the information they need when it comes time to file a claim.

The essentials of life insurance paperwork

The Insurance Information Institute (III) recommends that policyholders compile the following information to make sure the claims process proceeds smoothly:

  • Full name and address of the company issuing the life insurance policy
  • Full name and address of the U.S. headquarters of the parent company if the issuing company is part of a group
  • The name, address and phone number of the broker who sold the plan if applicable
  • The policy number
  • The date the policy was issued
  • The physical location of the original life insurance policy paperwork
  • Whether the policy is term, universal or whole life insurance
  • The amount of the death benefit

In addition, the III reminds consumers not to forget about other policies that might offer burial insurance or other death benefits. These may include:

  • Life insurance policies offered through employers
  • Payment protection plans offered by credit card companies and other lenders
  • Death benefits from pensions, annuities, disability insurance and other similar plans

For each of these plans, record the basic information including any policy or certificate numbers. Then, make two copies of all your life insurance policy records. Keep one copy at home, and a second in a safe location out of your house, such as in a safe deposit box. Make sure your loved ones know that you have a life insurance policy, as well as where you have stored this essential information.

Term life insurance is an investment in your family's future. Once you have life insurance in place, keep accurate records and date them so your loved ones are prepared with the information they need.

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