Friday, September 12, 2008

Life Insurance Awareness Month Is September

In the US, September is Life Insurance Awareness Month. Even Canadian life insurance customers can learn something from this month. In this article, Pennsylvania Insurance Commissioner Joel Ario today urged consumers to look at their families' potential life insurance needs. This is a smart idea for anyone, no matter where you live or how old you are.

Too many families put off getting life insurance. They don’t want to think about their possible death and they think there will be plenty of time to deal with that later. Unfortunately, many families continue putting it off for later and some of us just don’t have the benefit of waiting. In the event that something unexpected does happen, will your family be covered?

And for those of you who do have life insurance, do you have enough? Do you know what your plan covers and what the stipulations are around it? Sometimes just having a policy isn’t enough. While no one wants to think about dying, you also don’t want your family to have to suffer because you were not properly prepared.

Here are some things you need to do even if you already have a life insurance plan:

  • Be sure your current policy covers all of your needs.
  • Make sure your family is aware of your policy and of your wishes.
  • Be sure your beneficiaries are updated and that they are notified that they are beneficiaries.
  • Re-examine your policy every year and keep it updated.
  • Make sure your family knows where to find your policy and who to contact to cash in the policy.
  • Keep backup copies of your life insurance policy in separate places.

These tips will help ensure your insurance policy gets used properly in the event of your death. Many people mistakenly think that the insurance company will contact their families and have a copy of the policy but most insurance companies do not. It’s your beneficiaries responsibility to claim.


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