A lot of people buy an insurance policy, set it in a drawer, and assume it will work the same way forever. But the truth is simple: your policy can change, your needs can change, and the market can change. That’s why a No Cost Insurance Policy Review can be one of the smartest moves you make—especially if it’s been a few years since you last looked at your coverage, your premiums, your riders, or your current options.

At Diversified Insurance Brokers, we offer a no-cost, no-pressure insurance policy review for clients nationwide. Our goal is not to “sell you something you don’t need.” Our goal is to help you clearly understand what you own today, what it’s actually doing, and whether there is a better option based on your current goals. In many cases, a review leads to one of three outcomes: you keep your current policy (because it’s strong), you adjust the current policy (because it’s fixable), or you replace it (because the economics are no longer in your favor).

Insurance is not a one-time decision. It’s a strategy. And strategy should be reviewed—especially when you’re facing common trigger points like a term policy nearing expiration, an annuity nearing the end of a surrender period, or a universal life policy that isn’t performing the way you were promised.

What a No Cost Insurance Policy Review Is (and What It Isn’t)

A no cost policy review is a simple, structured process where we help you understand what you own today—then compare it against modern options to see if improvements are available. This is not a generic “sales pitch.” It’s a practical evaluation based on what matters most:

What do you have? We identify your policy type, company, current benefits, premiums, and any hidden moving parts like riders, caps, participation rates, fees, cost of insurance charges, or upcoming premium increases.

What is it doing? We evaluate how the policy is performing today—not how it performed 5–10 years ago, and not what someone told you it might do. This is especially important for policies with changing values over time, like indexed universal life, variable universal life, and annuities with renewal rates.

Is there a better option now? Sometimes the answer is no—your current policy may be excellent. But when the answer is yes, we show you options that can improve your outcome. That might mean more coverage for the same premium, better guarantees, stronger income tools, or a policy structure that matches your goals more accurately.

What it isn’t: it isn’t a commitment. It isn’t an obligation. And it isn’t a replacement recommendation unless the numbers justify it. Many people do a review just to be confident they’re not missing something important.

Why Policy Reviews Matter More Than Ever Right Now

Insurance markets change. Interest rates change. Carrier pricing changes. Underwriting guidelines change. And product design improves over time. That means a policy you bought 8–12 years ago may still be fine, but it also may be outdated compared to what is available today.

We also see a growing number of people who are unknowingly approaching “decision deadlines” inside their policies. These deadlines often show up as:

Term life insurance expiration. Your premium can increase dramatically, or your coverage can end when the term ends. That’s why reviewing term policies before they expire is essential.

Annuity surrender periods ending. When surrender charges drop or expire, you may have more flexibility to reposition money into a better income strategy, a higher fixed rate, or a bonus annuity (when appropriate).

Universal life underperformance. Many IUL and UL policies can drift off track over time. A review can help you see whether you should adjust funding, reduce death benefit, change strategy, or explore replacement options.

Even if you like your current carrier, the structure of your policy might not be optimized anymore. A policy review helps you see that clearly.

Annuity Policy Reviews: The Most Common “Hidden Opportunity”

Annuities are one of the most common product types we review—and one of the most common areas where we find real improvement opportunities. The reason is simple: annuities often have renewal rates, crediting strategy changes, and surrender timelines that impact outcomes over time.

One of the most common situations we see is an annuity that performed well early on, but now has lower rates (or less attractive crediting) going forward. When the surrender charge period is close to ending—or has ended—many clients want to know: “Should I keep this, or upgrade?”

If your contract is near the end of its surrender window, a review can be the difference between staying stuck in a low-return environment and moving to an annuity structure that better fits your goals—whether that’s safety, growth, income, or a combination.

During an annuity review, we’ll look at your current policy’s renewal rate, surrender schedule, income rider details (if applicable), withdrawal provisions, and how realistic it is to meet your objective inside the policy you already own. If your goal is retirement income, we also evaluate the policy’s income tools and compare them to modern alternatives.

If you’re rate-focused, you may want to compare current fixed options here: best MYGA annuity rates. If you’re considering bonus strategies, this guide can help frame that comparison: highest bonus FIA rates.

We also help clients understand common misunderstandings in the annuity market—especially around fees, caps, renewal changes, and “promised” performance. If you’re trying to separate marketing from reality, this article is a good reference: fixed indexed annuity myths debunked.

Term Life Insurance Reviews: Don’t Wait Until Your Term Expires

Term life insurance is one of the simplest types of life insurance—until it’s about to end. Then it becomes one of the most urgent. If your term policy is within a few years of expiration, you should review it now, not later.

Why? Because term life policies usually have one of two outcomes at the end of the term:

It ends. Coverage stops. If you still need insurance, you must reapply and qualify again (often with higher rates).

It renews at a higher cost. Many term policies allow renewal, but the premiums can increase dramatically. The renewal pricing is often not designed to be “affordable long-term.” It’s designed to keep coverage available temporarily if you need time.

Young and healthy people can often secure coverage for less—but that advantage fades as age increases or health changes. That’s why a term life review is often one of the highest-value reviews you can do.

In a review, we’ll evaluate whether you should keep your existing policy, replace it with a new term policy, or explore other structures if your needs have changed. If you’re still in a working and family-building phase, term life is often the most efficient choice. This page can help frame how term works in general: best term life insurance policy.

If you’re unsure whether term is still your best fit, we can also compare term to permanent insurance structures when appropriate. Many people don’t realize there are flexible pathways—especially when conversion features are involved. You can read more here: convert term to permanent life insurance.

Universal Life (UL) and Indexed Universal Life (IUL) Reviews: “Not Performing” Is a Real Problem

Universal Life policies can be powerful tools, but they can also create confusion and disappointment when performance doesn’t match expectations. One of the most common review requests we receive is: “My UL isn’t performing the way it was illustrated.”

This is not always because the policy is “bad.” Many UL policies are sensitive to funding levels, fees, and performance assumptions. Over time, a policy can drift away from its original projection, especially if assumptions were aggressive or if funding changed.

During a universal life review, we look at key factors like:

Premium sufficiency. Are you paying enough to keep the policy healthy long-term?

Cost of insurance charges. Have charges increased or become less favorable with age?

Policy loan activity. Have loans reduced long-term stability?

Interest crediting / performance. Has the policy credited lower than expected?

Death benefit structure. Is the death benefit option aligned with your objective?

Sometimes the best answer is to adjust the policy (increase funding, reduce face amount, change strategy). Other times, replacement is appropriate when the long-term numbers show it’s the more efficient move.

Policy reviews are especially valuable because UL and IUL are often misunderstood by consumers. A clear review can prevent future lapses, surprises, or wasted premium dollars.

Burial / Final Expense Insurance Reviews: Lower Stress, Better Fit

Final expense coverage is designed to be simple, but there are still reasons to review it. Many people buy burial insurance quickly and never revisit it. Over time, beneficiaries change, budgets change, and needs change.

If you bought a small burial policy years ago, you might be underinsured today due to inflation in funeral costs. Or you may have a policy that is priced higher than necessary because the carrier was not the best match for your health profile.

We help clients review final expense coverage and determine whether the policy still fits the goal. If you’re comparing final expense options, these guides can be useful:

best burial insurance

burial insurance for seniors

low cost burial insurance

In many cases, a review simply confirms you’re in a good position. In other cases, it reveals that you can improve the structure without dramatically changing your budget.

What We Review During Your No Cost Policy Review

Our review process is straightforward and designed to respect your time. We focus on the items that actually impact your results—not generic commentary.

Policy basics. Carrier, policy type, premium, face amount, issue date, riders, and ownership structure.

Time-sensitive deadlines. Term expiration, surrender periods, renewal windows, and upcoming premium increases.

Performance and guarantees. What’s guaranteed, what’s variable, and what assumptions are driving results.

Costs and efficiency. Are you paying for features you don’t need? Is the premium aligned with the value?

Replacement opportunities. Only if the new option meaningfully improves your outcome (rates, benefits, guarantees, or cost structure).

And most importantly: we explain everything in plain language. If you’ve ever felt like you couldn’t get a straight answer from a policy statement, that’s exactly what this review is designed to fix.

When Replacing a Policy Can Make Sense (And When It Doesn’t)

Not every policy should be replaced. Replacement is a tool—not a default recommendation. But there are situations where replacement can be extremely beneficial.

Annuity replacement example. You own an annuity with a surrender period ending soon, and the renewal rate environment is no longer competitive. In some situations, moving to a better fixed option or a bonus annuity may improve income potential or long-term outcomes.

Term life replacement example. You own a term policy that expires soon and you still need coverage. Replacing early can help you avoid last-minute pricing pressure or health surprises.

Universal life review example. Your policy is underperforming, requires increasing premium, or is projected to lapse earlier than expected. Replacement or restructuring can protect the original intent of the coverage.

On the other hand, replacement may not make sense if surrender charges are too high, the current policy has unique benefits you would lose, or your health has changed in a way that makes new underwriting unfavorable. That’s why the review matters: it helps you avoid assumptions and make a decision based on the numbers.

What to Send Us for a Fast, Accurate Review

You don’t need a stack of paperwork. In most cases, we can complete a review with a small set of information:

For life insurance: your latest policy statement, premium amount, term length (if term), and any in-force illustration you may have.

For annuities: a recent annual statement, surrender schedule page, current contract value, and any rider pages if you have an income rider.

For UL/IUL: the latest statement plus any in-force illustration or annual summary you have available.

If you don’t have documents handy, don’t worry. You can still request the review and we’ll tell you exactly what to gather based on what you own.