The Best Way To Protect Your Life Insurance Policy Documentation

Your life insurance policy documentation is what allows your loved ones to claim the money contained within the policy. And, if your loved ones do not have access to this documentation, they may not be able to claim this money.

Going over the best way to protect your life insurance policy documentation, and speaking with an estate planning lawyer familiar with these matters, will make it easier for you to enact your estate planning wishes. 

What Happens If You Lose Your Life Insurance Policy Documentation? 

The answer to this question is dependent on a number of different factors. But, just as a general rule, your loved ones are unlikely to get the funds comprising your life insurance policy, assuming the documentation has been lost.

To remedy this problem, your loved ones can contact your insurance provider. Or, they can go to the Florida Division of Unclaimed Property – among other entities – to obtain the funds.

Even though the options outlined above are useful, they aren’t always very easy. And, in some cases, your loved ones may not be able to access any information about your policy, even if they contact your provider.

The best way to ensure that your loved ones receive the money tied to your life insurance policy is by protecting your life insurance policy documentation. Doing so ensures that they have safe, and easy, access to it.

What Is The Best Way To Protect Your Life Insurance Policy Documentation? 

The best way to protect your life insurance policy documentation is to put this documentation in a safe place. This could be a safe or file cabinet, among many other possibilities.

You can also make copies of your life insurance documentation. A physical copy is wise. But, if possible, it’s often worth making a digital copy that your loved ones access.

Outside of keeping your life insurance policy documentation in a safe place, and making physical/digital copies, it is of the utmost importance that your loved ones know where this documentation is located.

If your loved ones know where your life insurance policy documentation is located, it will be much easier for them to obtain the funds within that policy.

On the other hand, if you have a trustee, then you may only need to tell your trustee. They will do the rest, which includes making sure your loved ones receive the funds.

The last thing you must do to protect your life insurance policy documentation is updating it on a regular basis. Just as an example, if you move, then this is something you must tell your provider.

Every single one of the above serves as the best way to protect your life insurance policy documentation. By engaging with the above, you can make sure that your loved ones receive the funds within your policy.

Speak With A Florida Estate Planning Lawyer Today 

If you have a life insurance policy you wish to give to your loved ones, you may want to contact an estate planning professional. Speak with a Florida estate planning lawyer at Millhorn Elder Law Planning Group today and we will help you.

Sources:

law.cornell.edu/wex/life_insurance

fltreasurehunt.gov/