Keeping your insurance records healthy

You probably have personal insurance cover for peace of mind. You know that, when you have good policies in place, they’ll be there to help those you love if you are no longer around. Or maybe they’ll step in for you if you are ill and unable to function as you do now.

But do those closest to you know how to find details of these policies, so they can call on them easily?

It’s helpful to give some thought to how you store your insurance records, so that they can be accessed when they are needed.

A master file

You might want to put together a file on your computer, maybe stored in a drive where you can share it with those closest to you. This can include a list of policies you hold, the insurer they are with and what they are covering you for.

Make sure you add your policy number and any important details about who owns the policy, if the people looking for it may not know. Most importantly, include your insurance adviser’s name and contact details in the file so that your loved ones have a first point of reference to help them through the process.

Scan and save

Even though the world is mostly electronic these days, you may get semi-regular hard copy updates from your insurer.

You can scan these, either with a scanner or using something like the notes app on your phone. Then you can save these to that same shared drive, if you have set one up. It’s often a good idea to keep the original policy documents as well as the ongoing updates. There are lots of cloud-based options that you could use for storage. Dropbox is popular, or Google Drive – or you could
look at some of the apps that are designed for specific filing purposes. The main thing is to find one that suits you and that you’ll keep using.

Paper file

As a backup option, you may consider assembling an “important documents” file of important paperwork. Store this somewhere obvious in your home office or bookshelf at home so that if people were looking for it in a hurry, they would have an idea where to turn. You might include a printed copy of the master file we mentioned earlier, the original policy documentation and any annual updates with relevant information.