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Keeping Your Life Insurance Policy Safe

July 13, 2018
Our goal is to educate and advise on life insurance options, so you can feel confident in making the right choice, whether that’s through Quotacy or somewhere else. To ensure we provide accurate and trustworthy information, our writers follow strict editorial standards.

In the event of your death, the last thing your beneficiaries should need to worry about is struggling to locate your life insurance policy.

Or worse, if you never told them you own life insurance, how will they receive the death benefit you planned for them?

Life insurance companies need to be notified and given a copy of your death certificate before they will pay out the benefit. In a study by Consumer Reports, one out of every 600 people is the beneficiary of an unclaimed life insurance policy.

» Learn more: How to Find Out if Someone Has a Life Insurance Policy

Want to make sure your loved ones receive the death benefit you planned for them?

Here are three easy steps to take.

Step 1 – Tell your beneficiaries about the life insurance policy

Share with your loved ones why you think it’s important to have a life insurance policy in place. It can be difficult bringing up the possibility of your death, but even a brief conversation can make all the difference. At least be sure they know the policy exists.

If your policy is set up to leave money to your young children through a trust, be sure a trusted adult knows about the policy. Share with them the location of the policy, the name of the life insurance company, and contact information of your agent.

See what you’d pay for life insurance

Comparison shop prices on custom coverage amounts from the nation’s top carriers with Quotacy.

Step 2 – Keep your life insurance policy safe

Keep a copy of your life insurance policy in your home where your beneficiaries can find it. Because a life insurance policy contains a lot of private, personal information, it’s best to keep it in a secure place like a locked filing cabinet or, better yet, a fireproof safe.

Just make sure your loved ones know where the key is. You may also want to keep a second copy with your lawyer or a trusted relative. Additionally, it’s wise to keep an electronic copy of your policy. Hard copies can be destroyed or lost; electronic copies are much harder to get rid of.

When you apply through Quotacy, more often than not your policy will be securely delivered to you via an electronic format. However, if you only have a hard copy, scan it into your computer. There are a number of secure online sites that enable you to store important information all in one place to make it easier on your family.

Step 3 – Review, review, review

Lastly, check your policy annually to ensure you do not need to make any changes. Life events such as marriage, divorce, new babies, grandchildren, business changes, home owning, etc. can all have an effect on how you would like your policy set up.

Permanent policies can last your lifetime so many life changes occur through its duration, but even term policies can last 30 years. A lot happens in 30 years!

Feel free to contact your Quotacy team if you have any questions. If you don’t yet have a life insurance policy get started today by running a free, anonymous term life insurance quote.


  1. James Crocker

    My mother told me I m a beneficiary of her life insurance policy she passed away September of 2018 I feel my stepfather won’t tell me anything and if I ask him I feel I won’t get the right answers he dodges me in ways what should I do

    • Natasha Cornelius

      James, I am sorry to hear about your mother’s death. Do you know what life insurance company her policy is through? If so, call their customer service line directly and tell them the situation. If you’re unsure which insurance company it is, try entering your information and your mother’s information on policy locator service websites. Websites for you to try include: NAIC.org, missingmoney.com and unclaimed.org. These websites allow users to search for unclaimed assets. The death benefit from a life insurance policy is considered an asset. Good luck.


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