Do you know who owns your insurance policies?
Do you own all your policies?
Are they in joint ownership with your spouse or partner?
Does an X own your policy?
We take out insurance to protect us from the "unexpected", and the impact on our world - personal, business, family and friends. Have you given thought to where the money could go to from making a claim on your insurance... would the money get to the right hands when it is needed most?
Ownership has to suit the purpose or need for the type of cover you have in place.
It may well be that you are taking the insurance out specifically to pay back in to your business should you not be able to work for a period of time; this enables your business to continue to trade and produce an income...
Or you may have taken out lump sum insurance specifically for your personal needs - to cover any unexpected costs as a result from an injury or illness; or to cover your regular outgoings like your mortgage payments...
Your options
The ownership of all policies should be discussed. Even once your cover is in place you can update the ownership to suit your life as it changes... like, separation or divorce or a new partner/spouse... or new business venture.
The thing to keep in mind is that who ever is the "owner" not the insured person is who will get the money if a claim is made!
Call 0800 823 823 anytime for a chat about your policy ownership.
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