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 In terms of life insurance - what's best?? Term or Whole? |
| The person is a 54 yr old female, presently on disability with a fixed income and 1 adult child, no grands. How much is recommended if they just want to be able to cremate after death.... |
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 Is life insurance covered under COBRA? |
| Life Insurance is an employee benefit available to all workers. Life insurance company refuses to pay on claim because they say that we, the employer, never made it part of our contract. Isn't ... |
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| she died in an accident by high voltage electrocution from a hanging power line while helping someone in a car accident, is the insurance company trying to find ways not to pay the life ... |
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 Help! What do I need to do about an insurance claim? |
| Ok, I had a bad 4-wheeler accident a few weeks ago on my farm and had to go to the ER and have surgery. Since then I have had another surgery and I've had to put off job searching. I've ... |
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| Im going to buy a mercedes but im not sure which model. I want a good insurance policy to go along with it..... |
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Disability payments are paid by MY insurance co. not by the state. Can I get a part-time job that pays about
$150.00 weekly without losing my short-term disability benefit?
My state is CO.... |
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| I can't get health insurance because I've had abnormal pap smears and had surgery on my cervix. I can't get health insurance through my employer. I fear I may have cancer since it has ... |
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Milk Money | Do I need to keep old insurance policy documents? |
If I have documents from a policy term that has expired is there any reason to keep those documents anymore? |
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mkulda
|
This totally depends on what kind of policy it is.
If it is a life policy then it is fine to dispose of it.
HOWEVER, if it is any sort of liability policy you should keep it for as long as you can.
If a future claim is made based on a liability that happened during the time the policy was valid (even if it is not valid at the time the claim was made....which could be years later), then you having your policy documents will save you a lot of time, trouble and money of having to go back and find out if you were covered at that time.
Insurers are required to pay out claims on lapsed policies all the time if it can be proven that the damage happened while that policy was in effect. This is called having a 'tail' on the policy.
Some kinds of policies have long tails. |
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SafetyDancer
|
No, but shred them because they are full of personal information that can be used to steal your identity. |
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justcurious
|
no |
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Suzanne: YPA
|
As a general rule of thumb, destroy all lapsed whole-life policies with no cash value, and all expired term policies. There is no reason to keep them on hand if they no longer offer any sort of benefit.
None of us know when we're going to die. If you hang on to an expired policy, it will cause HUGE confusion in your family because they infer the policy's still good. I've seen alot of time, money and effort wasted trying to track these policies down, especially if the company that issued the policy was sold to another company.
I hope this helps. |
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erinuncapher
 |
Records Retention is different for each state. In the state of North Carolina, records retention is 7 years for all insurance policies. If it's a pollution related policy, then keep it for 20 years. If it's a standard policy, keep it for 7.
It's always better to have access to the document even if it takes up space than to not have it |
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mysticrelation
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Keep a year, Unless you have had a claim then 3 years |
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mbrcatz
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I'd keep three years. The company also keeps them for 7, and original signatures forever. |
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