life insurance

How Often Should I Review My Life Insurance Policy?

As a general rule of thumb, you should consider reviewing your life insurance policy at least once a year. Doing this review is a way to ensure you still have the right type of life insurance coverage to protect your loved ones, as this could likely change with every major life event, at least to a certain degree. A life insurance review is the right time to learn more about any new coverage, discuss any concerns you may have, and take necessary action to get the coverage you and your family need.

Reviewing your life insurance coverage is a lot easier than you may think. To get started, try to list out any of your financial situations that may have changed since your life insurance policy was initially purchased. This could include a range of different variables, including your current living situation, family needs, work, and more.

How Life-Changing Events Should Spur Life Insurance Reviews

Life-changing events can happen at any time and throughout the period of your policy. Some of the life events that should elicit a life insurance review include:

Change in family size or status: this could include adopting a child, having a baby, getting divorced, getting married, or losing a family member.

Retirement: if you retire, a life insurance review can help you determine the potential adjustments in your policy.

Childhood milestones: when your child turns 16, graduates from school, or goes off to college, it may be a good time to check with your life insurance company to review your coverage.

Professional changes: changes to your company as a business owner can also warrant a review of your life insurance policy.

Changes in your living situation: when you change your living condition, you may want to review your life insurance property.

An often-overlooked reason for reviewing your life insurance is a change in health condition. When your health condition takes a turn for the worse, this may be the right time to increase your life insurance coverage or consider extra coverage opportunities. 

Keep in mind that a new life insurance policy may cost you more if you are facing health challenges. Having said that, rest assured that you will be able to continue with your life insurance coverage if you already have a policy in place, irrespective of your health condition.

Work With An Insurance Expert

The best way to make sure you get the life insurance policy that fully protects your loved ones is to work with an experienced agent who can walk you through the whole process. If you are ready to find the best life insurance policy that is perfect for your needs and budget, contact All Things Insurance today. We are ready to help you with all your insurance needs.