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Ensure your insurance portfolio and record keeping is up to date. Here are three areas that can help ensure your insurance and financial records are current and well-structured to provide the peace of mind you need to help protect your interests and that of your heirs..
Life insurance is a financial product that doesn’t always get the attention it deserves. Some people purchase a policy and then forget about it, thinking they have tackled that task and can now cross it off their financial duty list. However, if you own insurance coverage, you should be certain to conduct thorough, periodic reviews to help ensure adequate insurance protection and to improve financial planning.
Many people may also forget to update their beneficiary designations on insurance policies and financial records as life events unfold, such as marriage, divorce, the birth of a child or even death. Before they know it, years pass and the designations are outdated. Consider taking some time to review and make any necessary updates to your beneficiary designations.
Refreshing tips:
Did you know that transferring all incidents of ownership in a life insurance policy does not change or alter the underlying beneficiary designation? The transfer of ownership includes the right to change a revocable beneficiary, but unless the new owner exercises that right, the beneficiary designation remains as it was when ownership was transferred.
What becomes of an old collateral assignment attached to a life insurance policy once the underlying loan is paid in full? Often, purchasers don’t give it a second thought after closing, let alone five or 10 years later at the end of the loan.
Here’s what you need to know about the effect of a collateral assignment on life insurance and why it’s so important to ensure the lender releases its security interest as soon as reasonably possible after payoff:
Protective®, underwriter of ADA Members Insurance Plans, is committed to helping you make informed financial decisions. Protective does not provide legal, tax or investment advice. Please consult your own financial professional. Ms. Gina Goodreau is Director of Specialty Insurance Markets for Protective, which underwrites ADA Members Insurance Plans. Exclusively available to ADA members, these insurance plans include life, disability income protection, office overhead expense and supplemental medical. For information about the insurance plans, visit ada.protective.com. Copyright ©2017 American Dental Association. All rights reserved. Reproduced with permission.