Is your Insurance Coverage In-Force?

This article from July 2013 was recently brought to our attention by one of our team members.  Not only does it resonate with us because it involves the loss of a loved one due to brain cancer, but it is something that we at Everything Financial take seriously with respect to our clients in-force policies.  When the premiums on a policy are not paid, the insurance coverage that is in place is in jeopardy of lapsing and becoming void.  Often this happens by accident when the insured changes bank accounts and forgets to update the carrier, or there are insufficient funds available in the account at the time of withdrawal.  The Insurance Carrier will send out a letter to the insured letting them know that their policy is in jeopardy of lapsing and will inform them as to what needs to be done to ensure it remains in-force.  Sometimes the Insured does not receive the letter or dismisses it not realizing there is an issue.  This is where Everything Financial becomes the insureds safety net.  As the Advisor on the policy we also receive the letter that the carrier sends to the Insured.  This trigger’s us to follow up with the client to make sure that the client is aware of the situation and communicate with the carrier on their behalf to get the policy premiums back on track.  Losing a loved one is devastating, but finding out the insurance you thought was in place to protect your loved ones is not valid is something that can be prevented.