For years I have been in this business and with each passing month I still see some of the most common mistakes fall on the results of carelessness. Who is to blame for the lack of updated pertinent information for the execution of your insurance policy? It really falls on 2 parties but which one to blame and the percentage of blame depends on the situation. Agents have an obligation to get back in the house so to speak every 3-5 years and just review the concepts and values of the products. Consumers have the responsibility to reach out to either the agent or company to get a representative who will. Like most stories of blame there are always 2 sides and 2 views but really in my humble opinion it falls on both, agent and consumer.
Updated beneficiaries on life policies. Determination if a policy is paid up for life or is the company offering a return of premium after a few years and when? Is the annuity a joint and survivor benefit or just the named insured? Does the long term care policy cover the new exposure that has taken over the industry by storm….home health care.
If your agent is not in contact with you at least every 4 years get a new one. Call me today and allow me to explain the concepts, update the information and if you request become the agent of record. The family you leave behind will be very appreciative at the time of claim to have an agent to fill out the endless paperwork.