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From your life cover to death plan, keep your affairs in order

9 October 2012
1 minute read

How to organise personal documents

As you tackle your annual spring-cleaning, spare a thought for your all your personal documents. Should anything ever happen to you, would your family be able to find all the information and documents they need quickly and easily, from your life insurance policy to your will? Here are some tips for keeping your affairs in order.

  1. Keep all your insurance policy documents in one place, from your life insurance policy to funeral insurance, short-term insurance, disability insurance and dread disease cover.
  2. Draw up a separate list of all your insurance policies that includes for each policy: a policy number, the name of the insurer/broker and their contact details. Keep this list with your policy documents.
  3. Ensure that your partner or spouse understands the claims procedures for your funeral, life, and disability insurance as well as dread disease cover.
  4. Along with your insurance policies, keep any documentation relevant to any investments you might have. Again, keep a separate list that details each investment, including the name and contact details of the relevant financial advisor, institution or broker.
  5. Store the following documents with your policies: your funeral plan, will, living will, power of attorney and medical power of attorney.
  6. Ensure that your partner or spouse and the executor of your estate knows where all these documents are kept.

Never forget one of the golden rules of life insurance: regular policy reviews! While Spring is a good time to revisit your beneficiary list and cover amount, you should review your policy every time your life changes in a way that affects the amount of cover you need or your nominated beneficiaries, for example if you have another child or take on more debt. Happy Spring Cleaning!

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