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20 Oct 2020

So you’ve taken out life insurance – now what?

Whether you’ve had life insurance in place for a while, or you just took out life cover, here are some key things to do to secure your financial protection.

Have you had life insurance in place for a while? Or perhaps, you just took out life cover? Either way, great job – you’ve taken a crucial step towards creating peace of mind for you and your family. But remember, this journey doesn’t stop with your signature on the dotted line.

Here are some key things to do after you’ve secured your life insurance policy – no matter if years have gone by or only days.

Keep your policy in a safe place (and let someone know about it)

Where is your life insurance policy located? Who else knows about it? Is it easy to access or find in case someone needs it?

When it comes to organising your most important documents, there’s no such thing as ‘too much information’. That’s why it’s important to let your closest family members, friends or even a trusted adviser know (1) you’ve taken out life cover, and (2) where the policy is located. This will ensure that, even in the whirlwind of emotions, your loved ones will be able to easily find what they need and the people to contact.

If your life insurance policy was issued in an electronic format, it may be worth making physical copies or back up your documents using a safe, cloud-based solution, and share access with close family members.

Tell your friends and family we can help

Claiming on life insurance is one of the most stressful times for any family, and as your insurance advisers, we are here to make the process as smooth as it can be. That’s why we also recommend providing our contact details to someone close to you, so they can reach out to us for assistance.

Add your policy to your Will

Another way to make sure things go as planned in your absence is to add your life insurance policy to your Will.

Consider listing the policy in the assets named in your Will if you haven’t designated a beneficiary or owner in your life insurance application. If you have named a nominated beneficiary or owner, the money will go straight to them, and does not get distributed through your Will.

Don’t set and forget

In the busyness of life, it can be easy to lose sight of your life cover and take it for ‘granted’. But taking out life insurance isn’t just a one-time transaction. Your goals and circumstances evolve over time, so it’s important to periodically review your cover and make sure it continues to meet your needs.

Life events like a marriage or separation, a new child or a new house are just some of the most common ‘triggers’ for a life insurance review. If something important has recently happened in your life, or it’s been a while since you last reviewed your cover, please don’t hesitate to contact us.

We can help you understand and work through all of the options, and ensure your cover keeps up with your life.


Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.