Ensuring your loved ones are informed about your life insurance policy

Looking out for the future is a responsible and caring thing to do. And part of that is making sure your loved ones know about your life insurance policy and can get their hands on it if anything happens to you. If you take a few little steps now, you'll make things heaps easier for your family and mates when times get tough. 

Chat with your trusted friends and family

To ensure your life insurance policy doesn't go to waste, start by having a conversation with your trusted friends and family. Let them know about your policy and where to find all the important details, just in case they ever need them. 

Print out a statement  

Next, get that life insurance info out of the cloud and into the real world. Print out a statement or save it digitally. You want this statement to include information such as the name of the insurance company, the policy number, and the type of coverage it offers. This may be in the form of a policy schedule, certificate of currency, or annual renewal notice. 

Share your financial adviser's details 

If your financial adviser has helped you sort out your life insurance, chuck their contact info on your statement. That way, your family and friends can reach out to them directly to initiate the claims process and navigate any necessary paperwork.   

Lock it up safe and sound

Once you've created your statement, make sure you store it somewhere secure with your other important docs. The best spot to keep it is where you've already stashed your will and letter of wishes. Look for a place that's safe, easy to get to, and known to the people you trust. Maybe a fancy safe deposit box, a home safe, or something else that works for you. 

Taking proactive steps to ensure that your loved ones are informed about your life insurance policy is an act of love and responsibility. By sharing information about your policy, saving a statement with essential details, and including your financial advisor's contact information, you provide your family and friends with the tools they need to navigate the claims process smoothly. Safely storing this statement alongside your will and letter of wishes is a practical way to ensure that your loved ones can navigate other important matters during a difficult period.