New York, NY (PRWEB) July 03, 2013
Most people have too much stuff. Much of that stuff is paper; unnecessary, old and useless paper. Some of that paper is undoubtedly insurance-related. A stack of insurance documents can run the gamut from old auto insurance policies, to pet insurance, to a burial life insurance policy. Following the July 2nd article from Fox Business, the Editor of FinanceMarlin.com has some insight as to what to get rid of and what needs to be kept.
FinanceMarlin.com’s head writer can be quoted as stating, "A clear house makes a clear mind. Trying to work and concentrate at a desk full of clutter can be distracting. Getting rid of paper clutter can not only free up desk and cabinet space, it can also leave your mind uncluttered and ready to get things done."
If these policies are just sitting on the desk, Finance Marlin recommends the following:
1. Auto Insurance – keep the most recent declaration page and shred everything else. The agent and the company will have the policy documents. FinanceMarlin.com also notes that a new trend in the auto insurance industry is to show valid proof of insurance via a cell phone app.
2. Homeowner aka Hazard Insurance – same as above, you can keep the most recent declarations page and get rid of the rest.
3. Wedding or Special Event Insurance – Finance Marlin suggests that if the wedding took place three years ago, it’s time to get rid of it. Shred it.
4. Life Insurance – if the insured is still alive, then it should be held on to, unless the policy was cancelled, in which case it can be shredded.
5. Burial or Funeral Insurance – see #4 above. (If insured is alive, keep it.)
6. Group Insurance, i.e. employer sponsored health, disability or life – hold on to these documents until exiting the group (or employer) and then they may be shredded. Finance Marlin believes it is important to have proof of coverage in case there is ever a question of coverage. Also, as the head writer for FM has experienced, as exiting one insurance company, the new insurance company may want proof of the last policy’s coverage dates.
7. Pet Insurance – hold onto this until the demise of dear old Fido.
Finance Marlin offers as a general clutter-clearing tip, most items, like receipts that are not tax-related, can be tossed, recycled if there’s no personal information, or shredded, after a year. Remember, tax related items should be kept for seven years. A good idea, particularly for older people who may begin to have memory problems, is to keep important documents like life insurance policies, marriage and death certificates, etc., in a safe-deposit box with access given to a trusted family member.
FinanceMarlin.com reviews the pile of insurance documents most people have, and offers advice on what to keep and what can be gotten rid of.
Finance Marlin provides value-laden information and advice to seniors ensuring an excellent quality of life.