5 Signs It’s Time to Review Your Life Insurance Policy
Most people buy life insurance and then forget about it. But like your finances, your policy needs regular attention. If your life, goals, or needs have changed, your coverage might no longer match the reality of your situation. That’s why periodic policy reviews are essential—especially if it’s been more than a few years since you first purchased it.
Here are five signs it’s time to take a fresh look at your life insurance coverage.
1. Major Life Changes
Marriage, divorce, a new child, a new mortgage, or retirement—these are all events that can change your insurance needs. If your policy doesn’t reflect your current obligations or beneficiaries, it could create confusion or missed opportunities down the road.
2. Increased Income or Debt
As your income grows, your need to protect it grows too. The same goes for debt. If you’ve taken on new loans or are earning significantly more than when you bought your policy, a review can ensure your death benefit keeps pace with your financial reality.
3. Expiring Term Coverage
If your term life insurance is nearing expiration, don’t wait until the last minute. You may want to convert it to permanent coverage or explore new term options while you’re still in good health.
4. Health Changes
Improvements in your health—such as quitting smoking or losing weight—could qualify you for better rates. A review can identify opportunities to apply for a more cost-effective policy.
5. Outdated Beneficiaries
Too many people forget to update their beneficiaries after marriage, divorce, or death. A quick review can ensure your benefits go exactly where you intend.
At Diversified Insurance Brokers, we help clients review and revise life insurance policies to ensure they align with their current goals—and avoid costly mistakes later on.
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FAQs: Reviewing Your Life Insurance Policy
How often should I review my life insurance policy?
Most people should review their life insurance every 1–2 years, or any time a major life event occurs such as marriage, a new child, buying a home, or a change in income. Regular reviews ensure your coverage keeps pace with your financial needs.
What triggers the need for a life insurance review?
Common triggers include: starting a family, taking on new debt, income changes, divorce, business planning needs, or nearing retirement. Policy reviews are also useful if health changes may qualify you for better rates.
Can reviewing my policy lower my premiums?
Possibly. If your health has improved, or if older policies have become overpriced, you may qualify for lower premiums. Many people also reduce costs by comparing new policy options or converting term coverage.
What should I look for during a life insurance review?
Key items include: your coverage amount, policy type, beneficiaries, premium structure, conversion options, cash value performance, and whether the policy still aligns with your financial goals. A review can also reveal gaps in coverage.
Can I update my beneficiaries during a policy review?
Yes. Beneficiary designations should be updated after significant life events to ensure the right people receive benefits. Outdated beneficiaries are one of the most common policy errors discovered during reviews.
Should I review term life and permanent life differently?
Yes. Term life should be evaluated for remaining years, convertibility, and whether new coverage is needed. Permanent life policies should be reviewed for cash value performance, loans, and long-term affordability.
Can I switch from one type of life insurance to another?
Often yes. You may be able to convert term to permanent life, replace an outdated policy, or adjust coverage structure. Reviews help determine the most efficient strategy without losing protection.
Does retirement change how I should think about life insurance?
Many retirees reassess coverage to address legacy goals, long-term care needs, or income protection for a spouse. For related topics, see Life Insurance in Retirement.
What if my current life insurance policy is underperforming?
A review can reveal whether updated products offer stronger guarantees or better long-term performance. You may be able to adjust, replace, or restructure the policy based on your goals.
Where can I request a professional policy review?
You can request a free, no-pressure policy review from independent advisors who compare multiple carriers and policy types to help you understand your options.
About the Author:
Jason Stolz, CLTC, CRPC, is a senior insurance and retirement professional with more than two decades of real-world experience helping individuals, families, and business owners protect their income, assets, and long-term financial stability. As a long-time partner of the nationally licensed independent agency Diversified Insurance Brokers, Jason provides trusted guidance across multiple specialties—including fixed and indexed annuities, long-term care planning, personal and business disability insurance, life insurance solutions, and short-term health coverage. Diversified Insurance Brokers maintains active contracts with over 100 highly rated insurance carriers, ensuring clients have access to a broad and competitive marketplace.
His practical, education-first approach has earned recognition in publications such as VoyageATL, highlighting his commitment to financial clarity and client-focused planning. Drawing on deep product knowledge and years of hands-on field experience, Jason helps clients evaluate carriers, compare strategies, and build retirement and protection plans that are both secure and cost-efficient.
