Financial Records – Insurance

Now, I will talk about the least complicated area  — insurance.  Insurance recordkeeping is pretty straightforward.  Just make a file for each policy you hold containing your policy numbers, the issuing companies’ names, and your agents’ names.  Be sure your files list those covered by the policy as well as any beneficiaries.  Imagine the ease of filing a claim with all of these details at your fingertips.

Also, make sure your beneficiaries are aware of the policy, and know where to locate it. Imagine if the worst would happen, and your loved ones didn’t get the benefits of your planning because they didn’t know the policy existed, or where to find it. Insurance companies don’t make it a practice to hunt down beneficiaries to give them the money!!