Our family is always on the move because of my husband’s job and we also live in a hurricane stricken area. What do you suggest would be best to protect life insurance for child and other insurance policies?

Shanika

Baton Rouge, LA

Since your family is always on the move, it would be ideal to place your life insurance for child and the other policies in a safe place where your spouse and trusted immediate family members would also know how and where to find it if it becomes necessary to make a claim. You can also place it in an attaché case to make it portable for you along with other important documents. But other than securing the documents physically, there are a few basic things you can do to be sure your family gets the intended financial protection:

Always make premium payments on time – because the policy may not be in force if payments on your life insurance for child and the other policies are not current. Meaning, there may be no payment to your beneficiaries. So, always check for any lapsed payments on the coverage. Some companies may convert whole life plans to extended term plans on policies with unpaid premiums and payments are covered by any cash value that has accumulated on the policy.

Share insurance information with beneficiaries – take time to talk your loved ones. Discuss with your husband, trusted immediate family members and older kids the life insurance for child and other insurance policies. It is important for them to know the name of your insurance provider, contact person, phone number and address. Also the amount of coverage, type of plan and a brief description of the policies. Let them know where the policy and financial records are stored to prove premium payment history.