Health & Life Insurance
Certain insurance is required, such as car or home. Other types of insurance may not be required but could be of benefit to you or your family. These "other" types of insurance are health coverage and life insurance. Its important to make make sure that you have adequate health and life insurance coverage.
The Putnam Agency is here to offer you those additional insurance needs such as medical coverage. With medical costs rising everyone should make sure their current health insurance coverage is adequate for their individual as well as family needs. If you are interested in health insurance, please contact a Putnam Agency agent today.
Life insurance is a way to make sure your family has the financial support needed upon your passing. These funds are usually necessary to assist the financial needs of a child, spouse, aging parent, or someone else you are currently financially supporting. Proceeds from life insurance may also be used for paying off a mortgage, burial expenses, or other miscellaneous expenses of the deceased. The funds are paid to the beneficiary you have chosen upon your passing once the claim process is completed. Life insurance is typically broken into two different types, Term and Whole, but keep in mind there are other types of life insurance offered. Please be sure to ask your Putnam Agency agent regarding your specific needs.
Term insurance is only paid out to the beneficiary should death occur during the term of the actual policy (or while you are paying the premium). Term policies may range from one to thirty years depending on the length of coverage needed and are typically paid monthly, quarterly, or annually.
Whole life insurance is paid to the beneficiary regardless of when the person passes. As long as the policy is in force your beneficiary will be able to collect on whole life insurance whether you’re still paying your premiums or if you have the policy paid up and are no longer paying premiums.
When should you review your life insurance policy?
It is suggested that you should review your life insurance policy every year; you should also review your policy if you have a change in lifestyle as listed below:
- Marriage/divorce
- New child
- Change in health of you or spouse
- Financial responsibility of aging parent who may require long term care
- New home or refinancing a home
- Receiving an inheritance
Life Insurance Tip:
Knowing how to keep your life insurance policies organized and stored is beneficial should your loved ones need to file a claim.
For each policy you should have the following information:
- Name of the insurance company as stated in the policy
- City and state of the home office (headquarters) of the insurance company
- The name and address of the agent/broker who sold the policy
- The date the policy was issued
- The policy number and type of policy
- The amount of death benefits
- Where the original life insurance policy is kept
- You should also record on the policy any updates and write the date of the update on the policy.
Where you should keep this information:
- You should keep one set at your home in a safe location. Make sure you inform the person who may need to find this information where you keep it.
- You should keep one set outside of your home, in such a place as a safe deposit box or with a professional (such as your lawyer or other professional you trust).