How to Store your Life Insurance Records

life insurance records,

How do you store your life insurance records?

If today was your last day on earth, would your beneficiaries know where to find your life insurance records? Getting organized can help your beneficiaries find your policies during their most trying time.

What is the best way to store your life insurance records?

If you are like many people, you’ve probably wondered how to best organize and store your life insurance records. Regardless of what type of insurance policies you have, all your insurance records should be stored in a fire-proof safe or safety deposit box. These types of storage systems have a much higher level of protection than say, a standard file cabinet.

The Insurance Information Institute strongly recommends storing two copies of our insurance records in two different locations. This will help the chances of them being found if one set is lost in a fire, natural disaster, or during a sudden accidental event such as an untimely death.

You should keep the following information:

  • The name of the life insurance carrier for the policy
  • The city and state of the carrier’s headquarters or home office
  • The name and address of the company that owns/operates the life insurance policy
  • The type of policy (whole life, term, annuity, etc.)
  • The policy number (or certificate number)
  • The date the policy was first issued
  • The amount of the policy (also called the death benefit)
  • The name and address of the agent/broker who sold you the policy
  • Any other contact information such as phone numbers for the carrier and agent/broker

If you have group life insurance through your employer or professional association, keep the following:

  • The name of the employer or group that sponsors the policy
  • The office or person to file a claim with
  • The policy number (or certificate number)
  • The date the policy was first issued
  • The amount of the policy (also called the death benefit)

If you have a death benefit that come through other financial programs like a pension or annuity, keep the following:

  • The type of policy that also features a death benefit
  • The name and address of the company that owns/operates the policy
  • The city and state of the carrier’s headquarters or home office
  • The policy number (or certificate number)
  • The date the policy was first issued
  • The amount f the policy (also called the death benefit)
  • The name and address of the agent/broker who sold you the policy

If you have life insurance through a lender or credit card to pay off outstanding loans if  you die, keep the following:

  • The name of the lending institution that issued the life insurance
  • The loan number and issue date of the policy
  • The name and number of the person to contact to file a claim
  • The policy number (or certificate number)

Keeping this detailed information about each of the life insurance policies you have is extremely important. Preventing your beneficiaries from having to deal with the unfortunate event of your passing along with the additional stress that can result from any confusion or difficulty in verifying or locating your policy information will help give you peace of mind knowing your loved ones are taken care of.