Left Behind: Have You Reviewed Your Policy Beneficiary?

Here at Carroll Marshall Insurance, we frequently discuss the importance of life insurance policies and what they mean for you and for your family or loved ones.  They offer peace of mind, a supplemental income if/when yours is no longer coming in, and help with covering final expenses such as funeral and burial costs, outstanding debts, and medical bills not covered by health insurance policies.  However, if your policy has not been reviewed, you could be at risk for losing it all.

Insurance policies typically have a beneficiary, which is the person(s) who will receive payment in the event of your passing.  Usually this is a spouse or child, but can be anyone who you trust to manage your affairs once you are gone.  While a beneficiary will be chosen at the time that the policy is put together, this position can change over time.  For example, if you named your spouse the beneficiary, but he or she passed away before you unexpectedly, then your policy information is no longer correct.  Other changes could include a child marrying and changing his/her name, the addition of grandchildren who you may want to have as beneficiaries on a policy, etc.

Oftentimes, people are under the impression that having a legal will is the only coverage they need for ensuring that their affairs are taken care of once they are gone.  However, insurance policies can’t always rely on information found in a will, and you could be leaving your loved ones at risk if you don’t update your policy information individually.  Information you should review annually on your policies include:

• full legal names of all beneficiaries
• contact information of policy holder and beneficiaries
• details about when/how payment will be distributed

Don’t take the chance of leaving the ones you care about without coverage.  Grieving the loss of a loved one is hard, and making it more difficult with financial complications can take even more of an emotional toll on your family.  Leave them with the peace of knowing that legal and financial matters will be taken care of.

If you need assistance reviewing your policies, or if you think you need an increase in coverage, give us a call!  Carroll Marshall Insurance can help you navigate the details of your insurance plans to ensure that you and your loved ones are covered.