1) Buy life insurance if you need it.
2) If you already have life insurance, make sure your beneficiary information is up-to-date and the insurance paperwork is readily accessible to your family.
"Many people who could benefit from life insurance don't have it – but sometimes, a person has life insurance that the family doesn't know about," said
In one case, an
When the adjuster called, the wife said she had no idea her husband had a
Three tips from
1. Doublecheck your life insurance beneficiaries – and update names if needed – by contacting your insurance agent or insurance company. You can find the agent's and insurance company's contact information on the life insurance policy or premium notices. Make sure your beneficiaries know they are named on your policy.
2. Know where family members keep copies of their life insurance policies and other important financial records, and make sure this paperwork is accessible to you in case of death. (In other words, don't keep the only records in a safety deposit box that would be less readily accessible to your beneficiaries.)
3. If you are a beneficiary who needs to file a claim, call the family member's insurance agent or the insurance company to notify them of the death. The insurer will send you the necessary forms and instructions to file the claim. You'll be asked to provide the person's death certificate,
But, do you really need life insurance? If so, how much?
Life insurance is particularly important if you have a spouse and/or children who depend on you. Most obviously, the insurance's death benefit can help them cover unpaid medical bills or replace your income, providing financial assistance during difficult times. Some life insurance products are used to accumulate savings or as a source of retirement income. Life events often prompt people to think about life insurance: when you marry, have a first child, have additional children or plan to start a business.
As part of September's Life Insurance Awareness Month,
"When everything is going well, it's actually the best time to purchase life insurance," said Fortin. "Insurance prices are based in part on your age and health when you take out the policy, and today's prices are very competitive. Don't put off this important purchase to help ensure your family's financial security."
Life insurance is issued by
Securities offered by personal financial representatives through
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/give-your-family-a-gift-of-financial-security-during-septembers-life-insurance-awareness-month-300330120.html