Sometimes close family members and friends can unintentionally steer us in the wrong direction. When it comes to your personal finances seeking counsel from a professional is always recommended. Your dear old uncle's financial advice for insurance may be a bit outdated or behind the bar on regulations and current trends. How many of these common money myths have you heard before?
1-Lock up all insurance policies and other important documents in a safe deposit box
Do not keep your life insurance policy in a safe deposit box. If yours is the only name on the safe deposit box, no one but the executor of your will can get into it without Power of Attorney. If your life insurance policy is locked in there, your beneficiaries will have to wait until the estate is opened by a government entity and an executor is appointed. If you want the assurance of having important documents locked up, buy a fire-safe box.