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When was the last time you updated your beneficiaries?

When was the last time you updated your beneficiaries?

September 22, 2022

Insurance: we all hope to not need it, but wouldn't want to be without it when we do. Car insurance, health insurance, life insurance, home insurance… you probably have most – if not all – of these policies and pay their premiums regularly.

But paying for them isn't the end of your insurance responsibility. For policies with a designated beneficiary, you need to regularly confirm their beneficiaries and policy owners are up to date. You certainly wouldn't want the wrong people to receive a windfall if something happens to you.

It's a great idea to set an annual date to review all your accounts with named beneficiaries. This may even go beyond insurance, as some retirement accounts have beneficiaries also. Here's a list of some life events that may signal a time to sit down and review what plans you've laid out:

  • Marriage or divorce
  • Birth of a child
  • Death in the family or inheritance
  • Job loss
  • New job or significant salary increase
  • Financial windfall
  • New estate plan documents or trust establishment
  • If your job takes you out of the country, leaving for a new assignment or other foreign travel

Any of these triggers should act as a reminder to look at your policies, accounts, and beneficiaries to make sure they still correctly reflect your wishes. If you'd like, you can set your review date to coincide with our annual account review, and we can do it together. But if the need arises at any other time, just give us a call - - we’re always here for you.