As if losing a family member or close friend isn’t bad enough, handling their estate can present many challenges.
If you know the person as well as you do, you probably have an idea about how organised they are - are they the sort of person to keep a life assurance policy neatly labelled in a filing cabinet, or maybe in a stack of papers in a box on top of a kitchen cupboard? Also, consider that end-of-life dementia or a disability could have prevented the policyholder from keeping track of things. They might not remember purchasing it, it might have been a term insurance policy that was never renewed, or it could have lapsed due to unpaid premiums.
We’re told from a young age that it’s not polite to talk about money, however it’s such an important part of all our lives, we ought to all break with this old-fashioned attitude.
After all, if a loved one has gone to the trouble of purchasing life insurance, it’s fair to say that it’s something they wouldn’t want to go to waste - especially if they’d been paying for a policy over an extended period of time.
You might be uncomfortable asking questions about life insurance to your loved ones whilst they’re still alive, but it could make all the difference when they pass away.
Depending on their age and how tech savvy they might be, they may have asked help from younger members of the family to help them get an online life assurance quote, so the details you’re looking for could be closer to hand than you think.
However, with older people being more digitally savvy than ever before, along with vast improvements to how intuitive and simple online life insurance has become to buy, there’s every chance they could have self-served the policy online - the trouble is, with many people choosing to go paperless, it can be difficult to know even basic things, like who the insurer is.
If you’re really stuck, the executor can contact any known bank of the family member, to see if and when any premiums were paid to an insurer who deals in life insurance. In these situations, a little detective work can go a long way.
The search for someone else’s life insurance policy also acts as a reminder to make sure your own affairs are in order, so be sure to tell your family if you have a life insurance policy and where to find it.
You may already have a life insurance policy in place but haven’t looked at it for some time. It’s certainly worth having a review to see if it still fits your needs and speaking with us about low-cost life insurance.
At Cavendish Online, we can help you find the best life insurance policy for you, as we wont limit your search to just one company. Get a quote online or call us on 03456 44 25 40.
