How to Review Your Life Insurance Policy: A Complete Checklist

When to Review Your Policy

• Every 2-3 years as a general rule
• After major life events (marriage, divorce, birth, home purchase, job change)
• When your term policy approaches renewal
• If your health has improved significantly

5 Questions to Answer During Your Review

1. Is the Coverage Amount Still Appropriate?

Your needs change over time. Coverage may need to increase or decrease.

2. Is the Policy Type Still Suitable?

If you have whole life but no longer need permanent coverage, replacing with term could free up premium dollars.

3. Is the Policy Performing as Expected?

For permanent insurance, compare current illustration to original projections.

4. Could You Get Better Rates?

If your health has improved, replacement might offer significant savings.

5. Are Better Alternatives Available?

Newer policies may offer better guarantees or superior riders.

The Replacement Process

Critical rule: Never cancel your existing policy until your new policy is fully in force.

1. Apply for new coverage
2. Complete underwriting
3. Review new policy
4. Place new policy in force
5. Cancel old policy only after confirming new coverage
6. Document everything

Want a professional policy review? Book a free consultation — we will analyze your current coverage and recommend the best path forward.