How long do you keep insurance policies?
State laws vary, but generally require insurance agents to keep copies of their customer’s policies for 6–7 years.
Since a nonprofit can’t always count on having access to the insurance agent’s files when needed, each nonprofit should also maintain copies of expired policies..
What is policy expiry?
A policy expiration date is the date on which your policy ends. This date can be found on your current policy documents, Declaration Page, insurance ID card or recent cancellation notice.
What is a coverage period?
Related Definitions Coverage Period means the period commencing on the date on which a Change in Control occurs and ending on the second anniversary date thereof.
How long do you keep car insurance statements?
seven yearsFrom your actual policy, the declarations page is the most important to be able to find. Statements regarding your payment of insurance are likely only relevant for tax purposes. To be safe, you might want to hold onto them for seven years in the event of a tax audit from the IRS.
What do I do with old life insurance policies?
Certainly, if you still have debts or insufficient retirement funds, there may be a need to maintain some level of insurance. However, for most people at retirement, that life insurance can be repurposed to pay for estate taxes or to make bequests.