For most of us the week between Christmas and New Years Eve provides a few days to decompress, make some plans for the coming year, review and toss or delete old files, set goals and objectives for the next several months, recharge and seize the new day coming. Be sure to include a conversation with your insurance agent.
Set up an appointment to review your insurance policies to make sure all are up to date and still adequate to meet your needs. Times change, and your insurance policies must be updated to reflect those changes. Doing that review will not cost you a dime, and may save you, and those you care about the most, a lot of grief at some time in the future.
Example: In 1996, Bill named wife, Sally, as Beneficiary on his $2,500,000.00 life insurance policy. Bill divorced Sally in 2001, after she cleaned out their joint checking account and ran off with Bill’s best friend, Benedict. Bill later married Jill, his old high school sweetheart, during the holidays in 2015. Returning from a New Years Eve party that year, Bill and Jill while sitting in their car waiting for a red light to turn green, were rear ended by an eighteen wheeler whose driver had dozed off. Bill did not survive. Jill was severely injured resulting in lifelong disability…Bill had not gotten around to removing Sally as beneficiary on his life insurance policy then naming Jill in her place. Guess who ended up with Bill’s $2,500,000.00 death benefit? You guessed it…Sally, not Jill, his now disabled widow.
Life Insurance policies are contracts, (Unilateral contracts), and the named beneficiary gets the cash, not always the intent of the now deceased insured person.
Call your insurance agent soon to audit and make recommendations about all of your insurance holdings. You may have more than one agent, one for property/casualty and one for life/health. Call both for a review. You, and specially those who out-live you, will really be glad you did.