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Good reasons to review
Any of these is a prompt to pull out the policy.
- Marriage, divorce, a new child or a death in the family
- A new mortgage, or one that has been paid off
- A term policy approaching its end date or conversion deadline
- A universal life policy you have not checked since you bought it
- A big change in income or health
What to check
Confirm who the beneficiaries are and that their details are current. Check the coverage amount against what you need today. For term policies, note when the level premium ends. For universal life, ask the insurer for an in-force illustration to see whether the policy is on track to last.
Be careful about replacing a policy
A review sometimes ends with a suggestion to switch policies. That can be right, but it has costs. A new policy starts a new two-year contestability period, is priced on your current age and health, and an older policy may carry surrender charges. The agent recommending the switch may be paid a commission on the new policy. Ask for a written comparison, and never cancel existing coverage until the new policy is issued and in force.
Common questions
How often should I review my policy?
Every two to three years, and after any major life event.
Does a review cost anything?
Agents generally review policies at no charge. Keep in mind they are paid when they sell a policy, so weigh any recommendation to replace yours carefully.
This page is general information, not insurance, legal or tax advice. Policy terms, eligibility and pricing vary by insurer and state. A licensed insurance agent can explain the specific products they offer.