Is it necessary to make a contact with say insurance company's holding policies 20 years old? State Farm holding annuities?
Yes. The bottom line is that you should be in touch with all your financial assets, in writing, at least every two years. If you are paying premiums regularly on the life insurance policy, then that serves as a contact. But if it was a fully paid up policy, you need to get in touch with the insurer. As for a deferred annuity, one that wont start paying out until the future, yes — do get in touch and just ask what you might receive at a specific age. They will note the inquiry in your account and that will serve the purpose of “contact”!