Do I need to shred old insurance policies?
Asked by: Esther Kunde | Last update: November 28, 2025Score: 4.7/5 (18 votes)
Is there any reason to keep old insurance policies?
No need to keep the policies but you should keep a record of them. Just make a spreadsheet that has the dates, policy type, insurance company, and policy number. In the off chance that a claim comes up from something that happened a long time ago, that's all you'll need to contact the insurance company.
How long should you keep old health insurance documents?
As a rule of thumb, it's advisable to keep medical documents for at least 1-3 years after payment or the resolution of any insurance disputes.
Should you destroy old insurance cards?
LPT: Don't throw away your old health insurance cards. Medical bills can come in months or even years after your insurance has expired. However, any bills that were incurred during the coverage period are still covered by that insurance.
Do I need to shred everything with my name and address?
You should shred anything that has personal information like your name, address, phone number, social security number, or bank account information. This might include a few documents you don't initially think about, including ATM receipts, credit card receipts, bills, and even used airline tickets.
Why shredding your documents the right way is so important
Should I shred 20 year old bank statements?
Yes, you should shred 20-year-old bank statements. They're well beyond the recommended retention period of 3-7 years for tax and audit purposes. Shredding ensures your personal and financial information remains confidential, protecting against potential identity theft or fraud.
Which documents should you shred?
- Address labels from junk mail and magazines.
- ATM receipts.
- Bank statements.
- Birth certificate copies.
- Canceled and voided checks.
- Credit and charge card bills, carbon copies, summaries and receipts.
- Credit reports and histories.
Do I need to keep old home insurance policies?
Generally, you should keep most insurance documents for at least as long as the policy is in effect or, if your policy has ended, until any still-open claims are settled.
Should you shred your old driver's license?
But what about old forms of ID including expired passports and driver's licenses? Shred them. Even if they're expired or the address is out of date they could still be useful to an identity thief.
Should I shred old medical bills?
Also, shred sales receipts, unless related to warranties, taxes, or insurance. After one year, shred bank statements, pay stubs, and medical bills (unless you have an unresolved insurance dispute). For those who are thinking, maybe I should keep everything, just in case. . .
Should I keep my 20 year old tax returns?
Three years is the general recommendation
The general rule for keeping copies of your tax records is to store them for at least three years. Having a paper trail is the best way to protect yourself if the IRS scrutinizes your financial history.
How to dispose of old insurance cards?
The best way to properly dispose of documents that contain your personal information is to shred them before discarding them.
How long should I keep utility bills?
One year is the standard, in case of billing errors or disputes. I'd probably go ahead and make it a little longer. Keep them for one year. Really, I think you should just get the electronic statements where available.
How long to keep documents before shredding?
For Individuals: Tax Returns and Supporting Documents: Keep for at least 7 years. The IRS has a three-year audit window, but it's safer to go with seven just in case of additional inquiries. Bank Statements: Hold on to these for 1 year unless they're tied to tax filings.
Should seniors keep life insurance?
The bottom line. Life insurance is a smart idea for most seniors. That's especially the case if you have a spouse, lack plans to cover end-of-life costs or don't have a long-term care insurance policy.
Do I need to keep health insurance statements?
Keep all medical bills and EOBs on file, comparing related items for accuracy. Securely store EOBs in chronological order for future reference. In the event of chronic or serious illness, keep EOBs for five years after the last treatment date, or seven years after you've claimed the medical tax deduction.
Should I shred old utility bills?
Destroy Immediately
After paying credit card or utility bills, shred them immediately. Also, shred sales receipts, unless the items purchased have warranties. Sales and cash withdrawal receipts from ATM's, junk mail credit card offers.
Should you keep old car registration?
It's true that for things like taxes, it never hurts to keep the previous year's around, but this is not the same for vehicle registration. In other words, you can safely ditch your expired vehicle registration and keep only the current one.
What paperwork can I throw away?
- Cell phone.
- Cable, telephone, internet and other streaming service statements (unless you're deducting them for work or home office-related expenses)
- Brokerage statements.
- Credit card bills.
- Pay stubs.
- Social Security statements.
- Utility bills.
Should old insurance policies be shredded?
In general, you should always shred anything that has your name or identifying details on it. A small home shredder should be adequate for discarding old insurance documents. A cross-cut shredder will cut the pages in two directions, making it harder for potential thieves to get information from discarded documents.
How long to keep medical bills?
Medical bills should be retained for at least a year, and for tax purposes, they should be kept for three years to align with IRS audit regulations. Ongoing treatment bills should be preserved until the issue is resolved. Prescriptions have a different retention period, with the slips not requiring long-term storage.
Do I have to keep homeowners insurance?
Theresa Simes, a Farmers Insurance® agent in Fountain Valley, California, discusses the need for home insurance. A: Home insurance isn't required by law, but there are other reasons to insure your home. If you have a mortgage on it, your lender will require you to have insurance until the loan is paid off.
Should you shred medical bills?
Shred Within a Year
Switch to electronic statements for a safe and secure record. A few things you can shred in six months to a year: Bank statements. Paid, undisputed medical bills.
Can I throw away old credit card statements?
You'll put yourself at risk of fraud or identity theft if you simply throw away private documents, such as financial statements. Invest in a cross-cut shredder that will eliminate all traces of your personal information, or search for free shredding events in your community.
Does anyone shred documents for free?
Many municipalities offer free shredding services, often at local government-run locations. These city centers typically partner with certified shredding companies to help ensure secure document destruction in line with best practices. This is a great option if you have a large stack of personal paperwork.