October 12, 2010 | by Jim
When my wife’s father died last year unexpectedly, one of the first things we did as a family was to begin searching for his Life Insurance policies. Since he had remarried later in life, he not only left behind a wife but 3 teenage children who depended solely on him. Panic set in as we turned their house upside down searching for these policies that would literally help keep the lights on and maintain a roof over their heads.
Finally, my wife’s brother found a folder with copies of their father’s Life Insurance policies. Inside was a spreadsheet listing the names of the Life Insurance companies and the amount of insurance each policy carried. The day was saved! But only just barely. It took a couple of days to find that folder, and we were just about to give up.
The whole experience made me question my own organization of important documents like these. What would happen if my family couldn’t find the only documents that would ensure they would be taken care of financially after my death?
This video from the Insurance Information Institute offers some practical advice for finding a lost Life Insurance policy and getting your own Life Insurance policies organized. Watch it and then ask yourself if you’ve got some organizing to do.