Insurance review at tax time

Tax time is risk analysis time, too.   Do you and your clients have proper life, health, and home insurance? Has an umbrella policy been considered?  Is income protected against the risk of partial or total disability? Protecting your clients, yourself and your family in this way is imperative.

Reminder:   many insurance contracts have beneficiaries and each policy can have primary beneficiaries and contingent or secondary beneficiaries.  Are those vital parts of the contract up-to-date?  Further, most of life and annuity assets are not controlled by your will and the beneficiary receives the benefit regardless of what your will says.

Providing family with the copies of in force policies, policy numbers, and/or the location of your policies may also be a good exercise at this time of year.