Policy Points

by SCarney on ‎06-08-2016 12:54 PM - last edited on ‎06-16-2016 01:50 PM by Lithium Technologies (2,237 Views)

 

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Are you on top of your life insurance? Ask yourself these three questions.

 

  1. Where is your policy?
    Keep the original document, along with other important legal papers in a secure location or in a safe deposit box. Also provide your beneficiary with the key policy details—including the name of the company that issued the policy, the type of insurance, the policy number and the location of the original policy. That way they will know where to go if they ever need to make a claim.

  2. Will your policy expire?
    If you have term life insurance, your policy likely provides coverage for a specific period of time—usually between 10 and 30 years. For coverage after the term, choices may include getting a new term policy; getting a combination of term and permanent insurance; or, depending on the term policy you have now, you might be able to convert it to permanent life insurance.

  3. Who are your beneficiaries?
    You picked your beneficiaries when you bought your policy, but you may want to consider whether your choices are up-to-date with your life. Updating your choices might make sense if, say, you were single when you bought your policy and now you’re married. Or maybe you’ve had children since you got your coverage, or maybe you’ve remarried. You may even decide to name a charity, alma mater or other organization as your beneficiary, to leave a legacy. Be sure to identify beneficiaries and contingents using their full names, and be clear about how the money should be distributed.

For a policy review, stop by any AAA office or visit AAA.com/Life.

 

AAA Life and its agents do not provide legal, tax or financial advice. Please consult your professional advisor prior to the purchase of any policy or contract. Life insurance underwritten by our affiliate, AAA Life Insurance Company, Livonia, MI. AAA Life is licensed in all states except, NY. ALMI-23409-416-XX. 

 

A version of this story appears in the July/August 2016 issue of AAA Living magazine.

 

Image credit/source: iStock

 

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