Review My Life Insurance Policy
Free Life Insurance Policy Review
We’ll decode your coverage, find savings, and flag risks—so your policy still fits your life today.
Review my life insurance policy—that’s the request we hear most from families who bought coverage years ago and aren’t sure it still fits. Maybe your mortgage changed, kids are grown, income increased, or health improved. A quick review can uncover gaps, savings, and options you might not realize you have. As an independent brokerage with access to 100+ carriers, Diversified Insurance Brokers gives you a transparent readout and clear next steps—without pushing one company or product.
Life Insurance Policy Review Checklist
How to review a life insurance policy like a pro
- Beneficiaries & ownership: Confirm primary/contingent beneficiaries and who owns the policy (common estate and tax implications).
- Face amount & duration: Match the death benefit to today’s needs and remaining years of obligation.
- Premiums & guarantees: Note premium schedule, guarantee periods, and any flexible premium features.
- Riders & exclusions: Check accidental death, waiver of premium, chronic/critical illness, and any exclusions or limitations.
- Cash value performance: For permanent policies, review cash value growth, cost of insurance, and projected sustainability.
- Health changes: Improved health or lifestyle can unlock better rates with a new exam or reconsideration.
For broader context on options, see our comprehensive life insurance services.
Does Your Coverage Still Fit Your Goals?
Align life insurance protection with current priorities
Policies are bought for moments in time—new baby, home purchase, business loan. As life shifts, coverage should follow. We map your policy to today’s goals (income replacement, debt payoff, legacy, business continuity) and adjust the mix if needed. For guidance on term strategy, visit our best term life insurance policy guide.
Term vs. Whole Life—What to Adjust
When to keep term, convert term, or add permanent
- Stay with term: Great for clear, time-bound needs (mortgage or income bridge). Shop new level term if rates improved.
- Convert term to permanent: Many term contracts allow conversion without a new medical exam during a window—useful if health declined.
- Add permanent coverage: For lifetime needs (final expenses, estate liquidity, special-needs planning), consider a modest permanent layer.
Riders, Exclusions, and Table Ratings
Life insurance riders and table ratings explained
Riders can add living benefits or extra protection, but costs vary. We verify what you have and what’s available now:
- Waiver of premium rider: Waives premium if you’re disabled per contract definitions.
- Chronic/critical illness riders: May advance benefits for qualifying conditions.
- Accidental death benefit rider: Provides extra payout for covered accidents.
If your policy was issued with a substandard class, our guide on life insurance table ratings explained shows how ratings impact premium and replacement decisions.
Convert, Keep, or Replace a Policy?
Evaluating 1035 exchanges and term conversions
Replacing a policy can lower cost or improve benefits—but only after a side-by-side analysis. We compare guaranteed values, surrender charges, contestability periods, and underwriting risk. If moving cash value, a tax-free 1035 exchange may be appropriate; we’ll outline pros and trade-offs in writing. Often, a hybrid approach (keep some coverage, adjust some coverage) is best.
What to Bring to Your Policy Review
Documents for a faster life insurance policy review
- Policy contract and any amendments or riders
- Most recent annual statement or in-force illustration
- Premium notices and automatic payment details
- Any correspondence on conversions or rider offers
Prefer hands-on help? Use our quick form to start your personalized policy review, or visit our dedicated contact page.
FAQs: Life Insurance Policy Review
How often should I review my life insurance policy?
At least every 2–3 years—or after major life events like marriage, home purchase, a new child, or retirement.
Can I lower my premium without losing coverage?
Sometimes. We can shop new rates, adjust term length, remove unneeded riders, or explore reconsideration if your health improved.
What if my health got worse since I bought the policy?
Don’t cancel existing coverage. We’ll check guaranteed conversion features and compare keeping vs. supplementing your policy.
When does a 1035 exchange make sense?
When moving cash value to a more efficient policy improves guarantees, costs, or benefits—after analyzing surrender charges and projections.
Can I change beneficiaries at any time?
Usually yes if beneficiaries are revocable. We’ll help you update forms and confirm receipt with the carrier.
Schedule Your Life Insurance Review
Pick a time for a 15–20 minute policy check. We’ll send you a written summary and recommendations.
Prefer a call? Speak with an advisor at 800-533-5969.
