Organizing your insurance documents, from disability coverage to mortgage insurance, can keep your costs down and your life infinitely more simple. Here are 3 principles of organizing your insurance records.
To make your life easier and stress-free, it’s very important to carefully organize and store valuable papers that would be difficult or time-consuming to replace. This includes your life/mortgage insurance papers, birth/marriage certificates, and property titles.
Some of the benefits of keeping such items in order include:
- You save yourself hours of anxious searching for misplaced documents.
- It’ll reduce the amount of non-important papers you have cluttering up your home.
- It’ll help your beneficiaries locate and submit a claim on your insurance.
- You’ll have peace of mind, knowing everything is in order.
- You’ll be less likely to lapse on your coverage
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3 Principles For Organising Your Insurance Policies
Keeping track of all your insurance policies, from life and disability coverage to critical care and mortgage life insurance, will help keep your costs down and ensure adequate protection. In addition, you’ll worry less about lapsing on your coverage and you can easily monitor your premiums to ensure you’re getting the best rates.
While initially, it may seem like an overwhelming process, just follow these three principles when organizing your insurance records:
Evaluate
- The first step is to gather all of your insurance information. You may have policies for life, auto, disability, health, mortgage, flood, etc.
- Review your coverage for each policy just to make sure that you are receiving the protection you need. Contact your insurance company if you want to revise the policy.
- Compare your premiums with other insurance carriers to make sure you’re getting good value for your money. Tip: Grouping policies with one carrier can often reduce premium rates.
Put Everything in Order
- Once you have gathered all your policies, separate the documents by insurance type and policy. You may find that you have more than one policy for a type of insurance (eg. life)
- Organize the information for each policy. Separate declarations, policy, premium statements, claims, and any other correspondence for each policy using colour-coded tabs.
- Use the same colder tabs for similar documents in different policies (eg. all claims documents should have a yellow tab)
- For ease of use, write the names of the document types on the tabs.
Consolidation
- Create a centralized file with all your insurance policies.
- Remember to use a separate pocket of the expanding file for each insurance policy as this will help you keep more organized and make finding each document easier.
- Write the names of the different policies on the tabs.
- Keep your consolidated file in a secure, but easily accessible location.
Additional Information To Store
Apart from keeping all your insurance documents in order, there is some information that you should keep on hand. This includes:
- The full name of the insurance company that issued your policy.
- The policy number.
- The date your policy was issued.
- The name of the licensed agent who helped you select the policy
- The type of policy
Stay Organized With 20/20
At 20/20, we understand how busy life can get and that sometimes, no matter how hard you try, you can easily lose track of your important documents. If you require any information regarding your 20/20 policy, our licensed agents are always on hand to help.
Simply call us today at 1-866-821-1439 or fill in our online contact form.
