You just secured your first life insurance policy! Now, you may be wondering how to use this policy to best protect the ones you love most. Whether you have a term life policy for 15 years or a whole life policy that covers a lifetime, there are ways to take advantage of your life insurance while you’re young.  

These days, life insurance is more than just a piece of paper, it can be used to start conversations with loved ones, save up for a college tuition, pay off debt, financially prepare for retirement, and of course, to pay out for your chosen beneficiaries if you were to pass away.

We’re covering some ways that you can get the most of your policy year after year.  

Have a life insurance talk with your beneficiaries

A beneficiary is the person(s) who will receive the payout (also called the death benefit) of your life insurance policy if you pass away while your policy is in force. You can choose more than one beneficiary (so long as the sum equivalent of the allocation share adds up to 100%).

Once you choose your beneficiary, it’s important to let them know that they are a part of your policy. This way, they can be prepared for any needed paperwork or forms that come with claiming a life insurance payout.  

Read More
New to life insurance? Read all about beneficiaries in our Basics of Beneficiaries article.
Set a reminder to review your policy every year

This is an easy one: pull out your calendar or phone and set a reminder a year from now to review your policy. You’ll want to review that your beneficiary is still the person you want to receive the payout, how much coverage you have, how long your coverage lasts, if there are any benefits to converting your policy and even if there is an advantage to adding another policy to your list (we call this “laddering,” and it can be super helpful for younger people looking to protect assets). Life changes and so could your policy!  

How to do an annual life insurance policy review

Consider the following things when you review your life insurance policy: 

  • Have you experienced any major life changes? (New child, new home, a marriage or divorce?) 
  • Do you want to build any cash value in your policy? (If you’re currently not using this benefit, consider how it could help you prepare for the future) 
  • Is the death benefit for your beneficiary your primary goal? (Maybe you want to use your policy to save cash value or pay off debt?) 
  • Do you foresee any significant life changes in the next year? 
  • Does your policy have all the features you’ve ever wished for? (If not, look at some of the newer options on the market, such as the Quility Level Term policy that offers a free charity rider to support a non-profit of your choosing) 
Next, look at the cost of your existing policy
  • Could you retain the same coverage at a lower cost? (Consider running a new quote with Quility’s quoting tool.)
  • Is there a new type of policy that offers more/better coverage for the same cost?  
  • Finally, you might think about getting some advice from someone who lives and breathes life insurance.

Working with a licensed agent can be done over text, virtual appointments, in-person or over the phone. Quility’s agents work for you to make sure you have the most affordable policy with the most benefits. Schedule a consult with an agent today for a policy review!  

Make paper copies of all your documents, store in a safe place

This one is pretty straightforward: make sure that you have printed copies of all your policy documents. You want to print out the policy itself, the name of the insurance company and the broker you worked with, receipts for your insurance premiums and information about the beneficiary and death benefit of your policy.

Even more, you’ll want to store all these items in a safe place (perhaps a safe or a fireproof vault).  

To make your beneficiary’s life a little easier, consider printing out instructions for claiming a death benefit. Your beneficiary may be required to provide a copy of your life insurance policy and to submit a digital or printed claims form.

They must also submit a certified copy of the death certificate, either through the county or through the hospital where the insured died. 

Let Quility guide the way for you!

There’s no better time than today to get the perfect coverage for your life if you haven’t already.

Quility makes it easy to learn about life insurance, get quotes and apply for the policy that fits your budget entirely online. And if you have any questions, we’re here to help via online chat or a consultation with a licensed insurance agent.

Apply online today with a policy in your inbox in 10 minutes or less and enjoy a lifetime of protection.  

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Calie Brummer
Head of Digital Communications
Calie Brummer is a staff writer and Head of Digital Communications at Quility Insurance with a focus on financial well-being and life insurance solutions.