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life insuranceIf a tree falls in the forest, and no one hears it, the tree still falls. Unfortunately, since no one heard it, no one knows about the firewood that just became available. When you have a life insurance death benefit, and no one knows about it, your policy might not end up doing all the good it was intended for until your family has time to go through all your paperwork and discover that it exists.

Talking to your beneficiaries about your policy is a great way to make sure that your heirs get the benefits you want to give them, at the time they most need them. If you aren’t sure how to get started, consider these points:

  • Decide whether to have a family meeting, or to discuss the policy one-on-one. You should have a primary beneficiary named on your policy and a contingent in the event that the primary beneficiary passes before you. Both need to be made aware of the policy. Since benefits may be passed down to your beneficiaries’ beneficiaries if they pass away shortly after you, or because you elected per stripes or per capita distribution, your extended family should also be aware of the policy as well. You can decide whether it’s best to communicate this one-on-one or during a group meeting.
  • Choose what to discuss. You definitely want to tell your beneficiary that you have a policy, but you may not be comfortable telling them the amount of the benefit, and that’s okay. Before you decide to sit down with your beneficiary, think about what information you are comfortable sharing.
  • Tell them where the policy is. While insurers cannot discuss your policy details with anyone but the owner, you still may not be comfortable releasing details about the company that holds the policy or how to reach them. Since all those details are in the policy itself, you can put your policy in a location that is secure and let your beneficiary know that this is where they can find it if something happens to you.
  • Let them know about changes. If, at a later date, you decide to change your beneficiary to another individual or trust, let your former beneficiaries know. This will make it much easier for all parties involved to handle the policy and benefits after your death.

If you’re ready to start your estate planning but don’t know where to begin, give Insurance Advisors  a call at 720-210-9898. We can work with you to create a Denver life insurance policy that has all the coverage options and death benefits that you need.  

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