No, this is not about purchasing life insurance or finding the best policy. We leave that to the insurance experts. This article is a simple reminder to keep your policy information with the rest of your estate planning documents. The reason: You want your personal representative or your trustee to know about your policies after you have passed away. This will ensure that the life insurance company is notified of your death so that your beneficiaries can receive distributions. I found interesting information about what happens to unclaimed policy benefits in Paul Sullivan's nytimes.com article, Tracking Down and Collecting Unclaimed Life Insurance Policies.
In addition to having your life insurance policy information with your estate planning documents, it is recommended to keep a list of your advisors and accounts so that all of your assets can be distributed efficiently and properly. Take a few minutes this weekend to find your estate planning documents and make sure that all of the necessary information is accessible to those who will someday need it.