Understanding the Importance of 'Insurance Activeness': Why It Matters for Your Financial Security
Insurance activeness is a critical component of financial security, protecting you and your family from unpredictable events in life. However, simply buying an insurance policy is not sufficient. It requires active administration to maintain continued relevance. Insurance Activess Matters The concept of insurance activeness emphasises the importance of modifying insurance policies frequently, corresponding to ever-changing aspects of life. Consider a scenario where a life insurance policy was purchased in early adulthood with parents named as beneficiaries. Ahead in life, you got married and welcomed parenthood yourself. However, you forgot to update the details on your life insurance policy, leaving it inactive. Here, the policy frozen in time still classifies you as unmarried and your parents as the sole legal beneficiaries with exclusive rights. One’s family may face the consequences of failing to maintain an active life insurance policy during the untimely death of...