What Every Family should Know about Life Insurance
It’s a very wise decision to protect your family with a life insurance plan. But that’s not where your job is done. There are some things that your family needs to know about your insurance and theirs.
Just like you will still need to unload a washing machine and fold your laundry after it’s done, you will need to pay heed to certain details and share it with your family once you have bought an insurance. these details, as we discuss in this blog, must be shared with your nominee, in particular, no matter who it is, and the family in general.
In order to understand why it needs to be done, here are some things you need to understand.
What’s the Aim of Life Insurance?
While one may think that life insurance is for one’s own self. On the contrary, one buys life insurance for the benefit of your family, so as to secure them financially, when you’re gone; to leave them a decent legacy or at least the expenses that they will need to incur when you die.
Since the beneficiaries will be no the insured person but the family, it is the family that needs to know all the vital details about your life cover. This will help them know that they are the beneficiaries, that they can make a claim, whom to approach for the claim, and so on. if they do not know all this, the whole
The Need for a Detailed Discussion
No matter who your nominees is, they need to know who your insurance provider is, who they need to consult for the claim and what to do to file the claim. in the absence of this knowledge, it becomes a pain for your family
You’d be astounded to know that there are millions of Canadian who have no idea about their rightful claim on money and physical assets that are available for recovery but are still under the custody of banks and financial companies because nobody came to claim them. These assets could also have been handed over to a provincial government as per unclaimed intangible property legislation. If we go by what experts say, the total value of these experts is staggeringly high.
The major reason for this that a lot of people forget to keep track of their assets and insurance policies. And to make it worse, they don’t think it is important for them to let their family know about it.
Doing the Right Kind of Talking
We understand that talking about death can be very uncomfortable for most family members. However, in order to keep all confusion and inconvenience at bay, they must have clarity on your life insurance.
Despite that, if you still feel uncomfortable or unconfident about doing the right kind of talk with your family, our insurance/financial advisor can help by being a mediator and facilitator between your and your family and offer them better contexts and insights.
Lesson Learnt
There is no “buy it and forget it” concept when it comes to one’s life insurance. But the sad truth is that people do consider it so, thus defying the whole purpose of providing for your family after your death.
Have a clear, open, and honest conversation with your family regarding not only your life insurance but also your financial plans to make sure that the beneficiaries do receive the benefit.
Need a life insurance and make sure that your family gets the due benefit? Talk to one of our expert advisors today.