Life Insurance Policyholder? Are You Aware of Your Responsibilities
Duties of a Life Insurance Policyholder
Many of us are busy in day to day life, juggling several different responsibilities at any given time. One of our top priorities is making sure our family and loved ones receive the care and provisions they need. It is for this reason that we invest in life insurance in Thousand Oaks, CA, hoping that the policy will provide for their future.
A life insurance policy is designed to look after your family when you are no longer able to. While this is true to a certain extent, there are still a few aspects which require your attention as a policyholder. Instead of putting the policy on the backburner and hoping it will help your family, ensure you understand and fulfill these responsibilities to get the most out of it.
Understand your policy. You may have understood your policy when you first purchased it, but what about now? Do you remember the inclusions and exclusions? Take a look at your policy and make sure read all of the terms and conditions so that you are more familiar with the coverage.
Make sure all information is accurate. It’s imperative that when you purchase a policy that you are truthful on the application form. Insurance fraud is a real issue, and if the insurer finds out information has been falsified, it could result in your family having no coverage in place. Keep all the details accurate and up to date with your needs, which may require you to review your policy often.
Tell your beneficiary. Make sure your beneficiaries know the insurance company name, details, and where your policy can be found. If your beneficiary is too young, consider giving this information to an attorney or a trusted friend.
Keep your documents safe. Although it’s important to keep your documents out of the way of danger, you also don’t want to lock them away from beneficiaries who need them. Make sure your loved ones are aware of your policy’s location and how to access the documents in case of an emergency.
Ultimately, you have a responsibility to your loved ones to safeguard their future. Falsken & Associates Insurance Agency can help you find the right life insurance policy for your needs. We serve Thousand Oaks, Westlake Village, and surrounding cities in California – Give us a call to get started.