Keeping A Life Policy Document Safe And Sound
Lots of people sign up for a life policy on a whim, some after serious consideration and investigation. Sadly, they don’t always stash the life policy papers where other people are able to find them. This could make life extremely tough for families if the reason for the policy should come to pass.
It’s definitely better to keep the policy documentation somewhere safe, however it needs to be accessible for when you are no longer able to uncover it for the people who will need the details contained in it. Here are some suggestions on where to keep it along with other procedures to ensure that it doesn’t get misplaced in the mayhem of life and death and everything in between.
First, have a sensible filing process of some type. This is a good idea for all kinds of important paperwork like salary slips, insurance plans, your life policy documents, car registration papers and all of your education proofs. This will help you keep everything in order and help make it simple to find for everyone in the household should they need documentation of some kind. Get a filing cabinet or some of those cardboard filing folders and then tag each partition neatly and logically. Try to keep items alphabetical. It just makes it much simpler to find things. Religiously file everything every time you get post. Do not allow it to build up until it’s a daunting task.
Next, make a will that tells people what life policy you have and exactly who underwrote it. This way, whether or not it happens that your documentation gets lost, the family and lawyers can still proceed to the insurance company and obtain the details there. This isn’t ideal, because they will need to provide proof that you are the life policy holder and are also in fact deceased, but it is better than nothing. At the very least they’ll be able to make the appropriate claims on the policy.
If you don’t like having important documents lying around the house, then you can keep them inside a safety deposit box or something similar to that which your significant others have got access to and then leave the details of your box in your will. The trouble with working in this way is that whenever a person dies, their bank accounts and assets are frozen for a suitable period of time until the estate is taken care of. Which means that your family will not be able to get into your box until eventually things are set to rights.
A life policy is an excellent asset to have under your name. However, you o need to ensure that the people who should benefit from it are able to do so when you are not around. Keep the documentation somewhere safe, such as a logical and up to date filing process or in a safety deposit box and place the basic details into your will so that in the event the documentation is lost, your executor can easily still get hold of the policy and cash it in.
For more information about life policy visit the website http://www.insurance.co.za
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