Alerting Family Members About Your Life Insurance Policy
Even the best meaning and most conscientious people can have their best efforts count for little if they overlook some simple details. For instance: you have a life insurance policy, a will and an estate plan in place. But have you drawn up a “letter of instruction”?
In short, the benefits of a life insurance policy may do little good if no one knows about the policy. It is also possible that surviving members may unknowingly close a bank account that had previously been making automatic premium payments on a policy. In this case, the life insurance policy may be cancelled because of unpaid premium before a payout can be made. These problems can be prevented by a “letter of instruction” that should be kept with other important documents in a safe place. This “safe place” should be accessible and know to family and estate executives. If you are uncertain that your insurance policies include this important “letter of instruction” feel free to call the office of Scott Insurance in Stratford CT to review your situation.Read More