When many people take out a life insurance policy, they typically set it and forget it. However, as we’ve all seen in the last few years, the world changes quickly, and it’s a good idea to be aware of everything going on with your finances—including your life insurance.

During times of uncertainty, make sure your life insurance policy is keeping up with your life. From major life changes to changes in the world, it’s important to understand how they all can affect your needs and coverage.

Ask for a policy review

Anytime a life change occurs, such as a marriage, the birth of a child, a divorce or the purchase of a new home, a “policy review” with your insurance professional can help ensure your coverage still suits your needs.

Another important time for a policy review is when the economic climate begins to change. By reviewing your coverage, you may discover new products, new features, and advancements in underwriting criteria that better fit your current situation. As the market continues to fluctuate, interest rates change quickly and uncertainty in estate and income tax law grows, keeping a regular cadence of check-ins with your insurance professional is crucial.


Making the right adjustments today can help improve your financial situation now and in the future.


What happens in a policy review?

During a policy review, your insurance professional will look at the details of your current coverage, including:

  • Death benefits
  • Premiums
  • Beneficiaries
  • Ownership structures
  • Rate classes
  • Supplemental benefits

Next, you’ll discuss the length of time your policy will remain at its current interest rate, the length of its minimum guarantee, the premium amount required to ensure your death benefits last your entire life, and whether your policy still fits your needs.

Benefits of a review

Depending on your results, you may be able to lower your premium costs—sometimes for the same amount of coverage or even more coverage—and you could also improve your death benefit guarantee. Another major benefit is avoiding lapses in your coverage and improving your policy’s performance in changing market conditions.

A policy review helps to keep you and your insurance professional up to date on your current needs. Making adjustments today can help improve your financial situation now and in the future.

Share on