Do We Have to Keep Insurance Policy in Safe Deposit Box?

Eunice Tan By Eunice Tan, 22nd Jan 2013 | Follow this author | RSS Feed | Short URL http://nut.bz/2s8mcntu/
Posted in Wikinut>Money>Insurance

Where should we save the insurance policy? Should we rent a safe deposit box in the bank?

Where should we keep our insurance policy?

Insurance is protection for people we love. If the insured under an insurance policy sick, die or having an accident then the heirs get the benefits according to term and condition that have been set forth in the insurance policy.

To obtain these benefits, some insurance companies require the original insurance policy and other supporting documents. Without the original policy holder, the beneficiary is hard to get the benefits.

The problem is, sometimes the heirs (for example wife and children), not knowing if their husband/ father has insurance policies that are beneficial. The father sometimes forgets to tell that he is covered by insurance.

We should tell some family members where we store our insurance policy.

The insurance policy is an important document. However, should we put the insurance policy in Safe Deposit Box at the bank like other precious jewelry? Apparently not. Never keep the policy in Safe Deposit Box. The reason is, when the heir have to open the safe deposit box, he/ she has to go through a long procedure. It will delay the heir to get the benefit from the insurance.

We had better collect our insurance policies in one place that is safe but easily accessible. We can put insurance policy in a bag in our workroom. If anything happens, the bag containing important documents is a priority that must be saved.

Tell our family or heirs about the place we save the policy and insurance contacts to be contacted.

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Safe Place To Safe Insurance Policy, Where Should We Save The Insurance Policy

Meet the author

author avatar Eunice Tan
I live in Central Java Indonesia. I want to share information about life or about the place where I live with you. Find me at: http://expertscolumn.com/users/eunike

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