The Christmas and New Year’s holidays are family times filled with reminiscences. But when family gathers, they can also be times to have good conversations about how to protect and insure families and their property, according to Ken Selzer, CPA, Kansas Commissioner of Insurance.
“Focusing on family and property insurance considerations can be beneficial during the holiday season,” Commissioner Selzer said. “With close relatives on hand, those conversations about how to protect your loved ones and your property are valuable.”
Commissioner Selzer and the staff at the Kansas Insurance Department offer the following ideas for insurance discussions and considerations with your family.
Know where insurance and legal papers are. Policies, phone numbers, financial statements and legal documents such as Power of Attorney and home inventory checklists should all be in a safe deposit box at your financial institution or in a fire-proof location within the home.
Know what medications are taken. Kinds, dosage, frequency, use of generics, pharmacy information — all are important to share with close family members.
Know about the condition of family vehicles. Are they sound mechanically, serviced regularly, stocked accordingly with travel necessities?
Know what your teenagers and young adults are concerned about. Getting them to open up might be hard, but they could have questions about life situations and insurance that are important to them and to you.
Know a qualified insurance professional and financial adviser, and let him/her assess your insurance needs. Just like the generations of your family, insurance needs change.
Know when insurance premiums are due—yearly, semiannually, quarterly or monthly. Keep them on a centrally-located calendar. This idea can be truly helpful for a single adult, a young family or empty nesters on a fixed income.
Know, in the case of older family members, what their health insurance policies contain and what their medical preferences are for providers and institutions.
“Discussions about these points during holiday gatherings can have a positive impact on finances and insurance needs,” Commissioner Selzer said, “Whatever your life stage, it’s a comfort to know that trusted family members and financial advisers can assist you if you need it.”