As Estate Administrator for AWCCU my main objective is to help our members and their families through a difficult time. When dealing with the loss of a loved one, it’s hard to explain and hard to comprehend that the life insurance they had and paid into all these years doesn’t cover what they thought it would. Unfortunately, it’s too late for these families to find a solution. But for most of you, its possible to avoid this surprise, by taking the time now to complete a quick insurance review to ensure future financial security for you and your loved ones.

Gerri Prendergast

This means taking a few minutes to collect and read your insurance policies and, if need be, to ask your life and health insurance advisor for clarifications. Each policy is different. At first glance, all insurance policies may seem alike, but they're not. And, it is important you and your family know the differences.

Financial security needs vary from one person to the next, in the same way that budgets do. Therefore, insurance companies have a range of products covering a range of options. Each policy defines the coverages it provides and detailed terms and conditions associated with it. All insurance policies have restrictions, exclusions or provisions that limit the scope of the coverage. Some of these restrictions are fairly standard, such as restrictions dealing with suicide. Others may limit pay out to accidental death only. And, new limitations are becoming more common, such as exclusions for extreme sports.

In short, take the time to read your policy thoroughly and ask questions. If you don’t understand the coverage, call and ask your insurance company. If you hold a CUMIS insurance policy, I recommend you call 1-888-263-5110 to discuss the specifics of your policy conditions.

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