Life insurance provides a financial safety net for loved ones if you pass prematurely. Review existing life insurance policies and limits. Determine if they provide term or permanent coverage. If term, find out when the policy expires. Identify recent life changes. Additional life insurance may be in order if you have a new spouse, children or acquired significant debt. Verify policy beneficiary information is accurate as this is the person that will receive death benefits. Update the policy beneficiary to reflect a change in marial status, a new or deceased family member, or an address correction.
Things can be chaotic following a loss. Make it easy for yourself and loved ones to locate auto, home and life insurance policies. Keep a written record noting the name of each insurer, policy number, renewal date and company contact number. Place insurance documents in a secure place and update them annually. Include a policy form and declarations page if possible. Let a trusted loved one know where these papers are located.