What are the Responsibilities of a Life Insurance Policyholder?

Are you aware of your responsibilities as a policyholder?

For most people, insurance is something they buy and then forget about. When it comes to life insurance, extra care and TLC is required. After all, you need to make sure your policy keeps up with you throughout the years. You may already review your coverage once a year, but here are some duties that you may not have realized you are responsible for as a life insurance policyholder.

  • Know who your life insurance company is.

It sounds obvious, but it can be easy to lose track of your life insurance agency, especially if you have different types of personal insurance policies with other insurers. The best way to stay on top of this is to make sure you have a paper copy of your policy stored somewhere safe, as well as a digital backup that your family can easily access.

  • Keep your beneficiaries in the loop.

You may have been the one who purchased the policy, but your family will be the ones to use it. They will need to know some key information in the event that they need to file a claim someday. Depending on your beneficiaries’ ages, the amount of information you share will vary. Ideally, they should receive a copy of your policy and know what steps to take to cash in on the policy. If they are too young, consider giving the information to your attorney or someone close to you.

  • Update regularly.

It’s easy to let time pass you by without reviewing your important coverage. If you experience any of the following life milestones, remember to pause for a moment to update your coverage:

  • Get married
  • Get divorced
  • Have a baby
  • Buy a home
  • Get a promotion/change jobs

It’s a good idea to check back in on your coverage semi-annually so that you keep coverage in line with your lifestyle.

If you are unsure about when to purchase life insurance or how to review coverage, talk to the professionals at Lou Aggetta Insurance Services in Pleasant Hill. Our experts are ready and waiting to help you determine your life insurance needs and explain how a policy can protect your finances. Give us a call today to get started!

Lou Aggetta Insurance, Inc.

2637 Pleasant Hill Rd
Pleasant Hill, CA 94523

(925) 945-6161 | Phone
(925) 256-7610 | Fax