How to Organize and Store Life Insurance Records?

If you want that after your death, your beneficiaries do not have a tough time looking for your life insurance records, you should better keep them in a organized manner. What would be the point in buying a coverage for your family when they will not be able to reap in the benefits of tit? In order to prevent inadvertent throwing away of these records, you should have two copies of all your insurances at two different locations. This way you will have at least one copy even if you lose or discard the other one by mistake. 

Include the following details in each of your life insurance policy:

  • Full name of the insurance company or insurer from whom the policy was bought

  • City and state of the base office of the insurance company

  • If the insurance company belongs to a group of companies then the name and headquarters of the group (US)

  • The policy number

  • The sum of money to be received as death benefit

  • Date when the policy was issued

  • Name and complete address of the insurance agent or consultant who sold the policy

  • Place where the 'original' life insurance policy is kept

Some individuals are insured through their employers or they buy another life insurance policy under a group policy. There are also chances that you can purchase an insurance coverage from your union or trade organization you belong to, like your college association. In order to keep a track of all these life policies, you need to have the following details:

  • Name of the employer or group that patrons the life insurance policy

  • Details of the person or office for contact when filing the insurance claim

  • Policy or certificate number

  • Amount of money to be received as death claim

  • Date when the policy began

Many a times, financial programs also give out death benefits, other than the regular benefits for which they are planned. The applicants may be provided annuities, pensions, travel accident insurance, workers compensation programs, disability insurance, et al. You should have the following details for such programs:

  • Policy that has death claim as a feature

  • Complete details (name and address) of the life insurance company

  • City and state of the base office of the company

  • The policy number

  • Amount to be received as death benefit

  • Date when the policy was issued

  • Name and complete address of the insurance agent or financial consultant who sold the policy

  • Place where the 'original' policy is kept

Where to Keep All This Important Info?

It would be good if one of the set of these records is kept at home, at such a place where it is easy for your family members to find it when they need it. When you have placed the records, it is advisable to tell a family member, preferably the spouse, about the exact location of these records. You can put these records with other important documents like your will, income tax file, investment records, et al. This would make it easier for your family members and they will not have to search unnecessarily in other places.

The second set of records can be placed elsewhere, maybe with a relative who is trustworthy or in a safe deposit box where they are secure. This way, they will not be stolen or accidentally thrown away and can be handed over to the right person when required (after the insured's death). Putting a date on each page will make it easier for the family members to make out which one is the updated copy, in case there is a discrepancy between the two copies.