Singapore Life Insurance Tips
Life Insurance Tips
Tips for policy holders
Take advantage of group life insurance coverage. The costs to you are very low compared with individually obtained policies.
Read your insurance policy. Be sure you understand its basic provisions and benefits. Don't hesitate to ask questions. Ask your agent, or write the company or your state insurance department.
Keep your policy in a safe place. Let your beneficiaries know where your policies are. Your beneficiary must turn the policy over to the company and give proof of your death before collecting on the insurance. If your policy is lost or destroyed, your company will issue you another copy, as long as you have the policy number.
Discuss your insurance with your family and other beneficiaries. Have them share in planning the life insurance program. Also discuss each addition or change in the program with them. It is a good idea to write a letter (put in a safe place) describing your insurance policies. State any choices the beneficiary may have in settlement. Point out that your life insurance agent will help your beneficiary fill out the "proof of claim" papers.
Review your insurance program periodically. The wise person will review insurance coverage from time to time, particularly when there is a change in family situation, for example when children are grown and have left home. Insurance that was sensible for you at age 20 may no longer fit your needs when you are 40 or 60. Get help when you rearrange your insurance program to meet your changing needs.
Keep your insurance company informed of your address. This is important so the company can send your premium notices and perhaps other important notices.
Consider buying a disability waiver-of-premium clause. For just a few dollars more a year, your insurance will remain in force if you should become disabled and unable to pay the premium.
Use dividends to buy additional insurance coverage.
Don't let life insurance dividends accumulate with the insurance company if they could be earning more money somewhere else and if you have the willpower to follow through with such an investment program.
Never finance cash value life insurance.
Check out companies who offer discounts on premiums for people who do not smoke, if you are a nonsmoker.
