Life Insurance Policy Review Checklist

Regularly reviewing your life insurance policy ensures it still aligns with your life circumstances and financial goals. This complete checklist walks you through the key steps to take during your annual policy check.

1. Coverage Amount

• Is it enough? Make sure your current death benefit still covers your family’s financial needs—mortgage, college costs, outstanding debts, and living expenses.

• Have things changed? Major life events like getting married, having children, or paying off your home may mean you need more or less coverage.

2. Beneficiaries

• Review your designations. Have there been changes in your personal relationships? Update beneficiaries to reflect your current wishes.

• Add a backup. List contingent beneficiaries in case your primary ones are unable to receive the benefit.

3. Type of Policy

• Still the right fit? Whether you have term, whole, or universal life insurance, evaluate if it still supports your financial plan.

• Conversion potential. If you own a term policy, check if you can convert it to permanent coverage before the deadline.

4. Premium Payments

• Check your budget. Are your premium payments still manageable? Explore your options if not.

• Better rates possible? Healthier lifestyle or age milestones may qualify you for better terms.

5. Riders and Add-Ons

• Do they still serve you? Review any added benefits like critical illness or waiver of premium. Remove those you no longer need.

• Consider adding new ones. Life changes might mean adding a rider now makes more sense than before.

6. Cash Value & Performance (for Permanent Policies)

• Watch the growth. If your policy builds cash value, assess how well it’s performing.

• What’s happening with dividends? For participating whole life policies, see how dividends are being used or reinvested.

7. Tax Impact

• Avoid surprises. Understand how loans or withdrawals might affect taxes.

• Think long-term. Ensure your policy supports estate planning goals without adding tax burdens.

8. Health & Lifestyle

• Improved health? Let your insurer know—better rates might be an option.

• Lifestyle changes? Stopped smoking or changed jobs? That can impact your coverage.

9. Insurance Company Stability

• Are they still reliable? Your provider should still have strong financial ratings to ensure they’ll be there when you need them most.

Take Action Today

Don’t let outdated coverage leave your loved ones unprotected. Review your life insurance policy today and make sure it matches your life right now.

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