Where should I store my Insurance Policies?

Answer:
You should keep two copies of all insurance policies in two separate locations.

Keep one copy at home in a fire-proof safe or file box so that you have easy access to the policies. Keep the other copy away from your home such as in a bank safe deposit box so that you have a backup copy should your original be damaged or destroyed in a fire, flood, theft, or other calamity.

Insurance policies, especially life insurance policies, won’t do anyone any good if no one knows they exist or where they are stored. With this in mind, it’s important to make sure your beneficiary knows where you keep your life insurance policy. It’s also important to let the person who will be the executor of your estate know where your policies are located and how to get access to them should you die.

It’s helpful to create a master list of all of your estate planning documents and their location and give this list to a trusted family member for safe keeping. Should you die, the family member will know where to look for your documents including your insurance policies.