Accepting Your Life Insurance Policy

By Randall Rothschild | Life Insurance

Apr 14
Life Insurance Policy - Quote

#12 of 12 in the Life Insurance “Checklist For The Real World” series (last of the series)

After you have been through all the rigors of researching life insurance, applying for life insurance and waiting, now you will have your policy delivered to you. But BEWARE it’s not over yet!

After your approved, your agent will deliver your policy with a policy delivery receipt and any other forms that need to be signed. Review your policy and delivery requirements/receipt. Make sure everything is correct and the policy issued is what you wanted. Really review your policy. Don’t just glance at it. If you don’t understand something, ask your agent. If there are any amendments or alterations to the policy, make sure you understand them as well.

  • Sign and date the delivery receipt and amendments (if any) and send them back to your agent. He should provide certified mail delivery for you (Fed Ex or UPS, etc.).
  • Include a check if you haven’t already sent one to your broker — made out the insurance company — never, ever make a check out to a brokerage or agent.

If all went well prior to this point, there should be no check required. If your insurance carrier is asking for more money, call your agent and ask why this happened.  If you were honest on your quote input and on your application, your agent should have caught any potential price problems before now. There may be a good reason, but ask anyway.  If you’re not satisfied with their answer you can scratch the whole thing and the insurance company will refund the entire amount you paid up to this point.

  • Before you put your life insurance policy in a fire safe (good idea). Make note of the insurance company contact numbers (put them in your phone number organizer).

If your agent orphans you for any reason (dies, leave the business, etc.), you will want to have those numbers to make changes to the policy (i.e., in the case of a divorce, the beneficiary is usually changed).

  • Sleep well, you’ve done everything you can to protect your family financially.
  • Periodically Evaluate your life insurance. Every time you get a raise, have a child, buy or sell a house…etc., don’t forget to check your life insurance. Your agent is your agent for life, unless you fire them or they die.


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