You know this blog really started out as an educational platform for the everyday person to better understand insurance and though I share experiences and thoughts on many subjects it remains the Beginner's Guide to Insurance. So I thought we'd spend a minute talking about life insurance. I just want to put a thought in your head ... what happens if you die? I know, I know, you've got a ton of life insurance and your loved ones won't ever have to worry or work again, right?
But I'm talking about real stuff, like who do they call? How long will they have to wait for their benefits? What should they do with the money? Should they pay off bills? Should they put it in the bank? Buy a new TV ... come on! Have you talked about this stuff? or better yet have you written it down?
Start out by writing down all the life insurance you have through work, on your credit cards, and that you personally own ... put the contact numbers for the agent next to each. If the contact number is some 800 number that goes to India where a faceless "Bob" will butcher your family name and make you repeat everything twice then perhaps you should consider calling a local agent that you know. Because a local agent will care that you've just lost someone and they will be easily accessible if you have questions. They will work with you to figure out what the best use of the money is. Once you've got that together write down a plan ... what bills to pay and what ones to wait on, what to save and what to spend.
Just a few minutes of discussion and some hand written notes put together in a folder in the lock box will be a comforting reminder that you and your lost love one had a plan even if the worst thing happened. Who knows may karate lesson will be in the plan.
J
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