Buying a life insurance policy is a great step in securing your family’s financial future. The next step? Making sure they know where it is when they need it.

Your life insurance coverage is there to protect your loved ones, so they’ll need to be able to find a copy of your insurance policy if something happens to you. Here’s what you need to know about storing life insurance records.

Life insurance records to keep

Any insurance policy will come with a fair amount of paperwork. And while you’ll want to keep track of your payments and changes you make to the policy over time, your beneficiaries just need the basic information close by for when the time comes.

Here are some of the insurance records every policyholder should have on hand:

• Name of issuing life insurance company
• Policy number
• Date the policy was issued
• Death benefit amount
• Name and contact info of your agent or broker
• Type of policy (term, whole life, etc.)
• Location of original life insurance policy

If you have life insurance through your employer, whether it’s automatically applied or you’ve opted to purchase life insurance under a group policy, you’ll want to maintain those records as well. The same applies to a life insurance policy you’ve purchased through a union, trade association, or any other organization.

For life insurance policies purchased through these sources, remember to save and store your:

• Employer’s name or name of the group that sponsors your life insurance policy
• Contact information for the office or specific person in charge of filing a claim
• Certificate number
• Life insurance policy start date
• Amount of death benefit

Some financial programs, designed for income or other purposes, may also offer death benefits. These could include pensions, annuities, workers’ compensation, and disability insurance.

If you have opted into any of these, you should also keep records of the policy, company, and any contacts, so your loved ones can track them down later.

Where should you keep your life insurance records?

Life insurance policies offer financial protection in case the worst happens, so it’s critical to keep those records safe. Not only do you want to avoid misplacing or losing important information, but also safeguard against potential disasters like fires, floods, or theft. That’s why it’s important to make and maintain multiple copies of your life insurance documents in different places.

Physical records are the paperwork copies that you get from your life insurance company when you buy a policy. These are best kept with other important paperwork, like your car insurance, birth certificate, Social Security records, or other financial documents.

If you prefer to keep everything close by, consider using a lockable file cabinet with clearly marked folders so the information is easy to find. Another option is a secure, fireproof safe that you can access readily. You can even consider giving your beneficiaries or other family members an extra key or password to simplify things.

It’s a good idea to keep extra copies of your financial documents and other important records off-site, such as in a bank safety deposit box. You can also leave them with a trusted family member, or legal professional like your attorney. If something happens to your original copy, your loved ones will still be able to access your life insurance policy information.

Another option is digital records. These copies are much harder to lose and easier to share; plus, corrections are simpler if you need to make changes. Keep your digital insurance records secure by storing them in a cloud database, computer folder, or on a separate hard drive.

Fidelity Life offers both physical and digital records, so you can cover all the bases. Our customer portal allows you to view, access, and manage updated records and make changes to your policy, personal information, and coverage.

Keeping your policy records safe and up to date can help make sure your life insurance doesn’t go unclaimed. By providing easy access to your policy information, you can help your survivors submit a claim and ensure the financial support and security they need. Don’t wait to get your affairs in order.

Still have questions?

At Fidelity Life, we want to make life insurance accessible and easy by walking you through the process from start to finish. Get in touch with us to talk to an agent today.

At Fidelity Life, our goal is to make life insurance simple, affordable, and understandable for everyday families. This content is intended for educational purposes only. Each post is carefully fact-checked, reviewed, and updated regularly to ensure the information is as relevant as possible.