Friday, July 1, 2011
Learning More About Life Insurance
Here is a great little article put together by Smartmoney.com on life insurance. It contains 10 "did you know sections". The first caught my attention; life insurance companies are not obligated to track down named beneficiaries nor are they required to track Social Security data about deaths. What does this mean -- you may die, the policy will go unpaid, and stay with the company, not your heirs. This highlights how important it is for your survivors to know about all of your financial holdings. Keep a folder with a payment stub or account sheet for each asset: life insurance, retirement accounts, annuities, etc. If you want to learn more about life insurance, this is a useful article to read.