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Life insurance policies are rarely on top of mind until they are needed. Many purchase policies and pay for them year after year. If they are permanent or whole life insurance policies they may be building value over the course of time. Term insurance coverage may be coming to a close. In either case, you should stay on top of your coverage. This can be easily accomplished by contacting your insurance agent and requesting a “policy status” report.
A policy status provides a wealth of information about the current state of your life insurance policy. It not only verifies the insured, beneficiary and policy amount, but will validate if the policy is in force. If it is a term insurance policy it can provide the status of how much longer the policy is in force, perhaps allowing you to convert it to a permanent policy.
If it is a whole life or permanent insurance policy, a policy status can verify its current Surrender Value, Loan Value and if there are any loans against the policy value. It can give you a snapshot look at its current status and value.
A policy status is a good way to check on any unknown policies you may have. This can be important in that some older policies may still be in force. A policy may be “paid up”, for example. Even if a policy has lapsed, it could still be in force. Life insurance policies often make provisions for any lapsed policies to use any value remaining to be used to extend coverage. This may be discovered through a policy status.
The bottom line is that should you come across any life insurance policies and are unsure of its value or if it is in effect, contact the company who issued the policy and request a policy status.
Life insurance policies can often be forgotten. This is just one of the reasons you should consider scheduling a life insurance review every few years. A policy review not only keeps you in touch with your coverage but can be useful in reviewing whether your present coverage is adequate.
Our independent insurance agents are experienced and qualified to review the policies of any issuing company. Not only can they tell you about your current coverage, they can contact additional providers to allow you to compare rates and coverage. There’s no cost or no obligation for a life insurance review so contact us today.