Manage your insurance policy
Make sure your coverage keeps up with life
Life can be complicated at the best of times. So, when it comes to insurance, shouldn’t we all just enjoy coverage that works? We think so, which is why we’ve designed our plans to be simple to understand and easy to manage. Whether you have credit protection insurance, critical illness insurance, health and dental insurance, or life insurance, following a few simple steps can ensure your protection fits you now and for the future.
Reviewing and managing your coverage
Regularly review your coverage
As life progresses, take some time to review policy details to ensure your coverage fits your life. If you’ve gotten married or started a family, bought a home or changed jobs, your needs may have changed.
Keep documents stored safely
When it’s time to make a claim, the more information you have on hand the better. Keep all documents in a safe, accessible place in your home or safety deposit box at a bank.
Ensure personal information is up to date
If you’ve moved, changed your name or updated your beneficiaries, make sure it’s all reflected in your policy documents.
When should you review your insurance coverage?
As life changes, your insurance needs evolve. When you reach major milestones, such as getting married or divorced, starting a family, buying a home or changing jobs, review your policies and make sure you’re protected for whatever comes next.
Updating your beneficiaries
Naming beneficiaries (the person or people who will receive your benefits when you pass away) is often left as an afterthought. Don’t let it be. If something happens to you, you want to be sure your benefits make it into the right hands.
Without properly named beneficiaries, your benefits could go through your estate, creating tax issues that can be avoided. Instead:
- Ensure your designated beneficiaries are accurate and up to date.
- Consider naming more than one beneficiary or a contingent beneficiary. Without a beneficiary, the default is to pay the benefits to your estate, potentially causing tax issues. Or, if there is confusion about beneficiaries, a Court may decide how to distribute your policy benefits.
- Ensure beneficiaries are specifically named. Avoid simply listing them as “my children,” for example.
- After any change in family status, such as divorce, always update beneficiary designations.
- Review beneficiaries every year to ensure they’re up to date.
When it comes to naming beneficiaries, a little planning can go a long way.
Keeping your policy information up to date
Keeping your policy information current can help prevent delays or complications if you need to make a claim. If your name, address, contact information or beneficiary details change, let us know so your policy reflects your current circumstances.
Need help managing or reviewing a Securian Canada policy?
If there’s anything about your policy (or policies) you don’t understand, let us know. We’re here to make things as easy as possible for everyone.
That’s what insurance should feel like.