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There's a lot of competition in the insurance business, and a variety of Internet sites will provide estimated prices for policies. The Consumer Federation of America recently rated Internet sites and gave its highest rating to www.Term4Sale.com. The site includes a comprehensive list of insurers, including no-load companies that will sell you a policy directly, the CFA says. Check your beneficiaries. If you do nothing else this week with respect to your estate, check the beneficiaries on your insurance policies, retirement plans and other accounts. Too often, people forget to update their beneficiaries after a divorce or other major life event. McDaniel, a veteran estate planning attorney, recalls one instance in which a husband and wife separated, and the husband arranged to have his mother named as beneficiary on his life insurance policy. The couple reconciled, but he never changed the designation. Some years later, the husband died, and his mother, who never liked the wife, got the proceeds. "Any life insurance agent who has been in the business for years has seen this happen," McDaniel says. Organize your records. An unexpected death is a traumatic event. Don't make it worse for your family by forcing them to hunt down your brokerage, retirement and bank accounts. Huggard recommends recording the location of all your accounts in a notebook or computer disc. The list should include names of any professionals you work with, such as your accountant, insurance agent, financial planner and attorney. The list should also tell your survivors where to find important documents, such as your mortgage and title to your car. Huggard says he's dealt with many widowed spouses who come into his office with a will but no clue where other financial papers are located. "Sometimes it takes months, and in some cases more than a year, to locate a $400,000 brokerage account the husband had down in San Diego," he says. ### |
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