You bought life insurance. You filed the paperwork. You set up the automatic payments.
And then — if you’re like most people — you haven’t thought about it since.
Here’s the thing: life insurance isn’t a “set it and forget it” product. Life changes, and your coverage should change with it. A policy that perfectly fit your life five years ago might leave your family significantly underprotected today.
What Is a Policy Review?
A policy review is simply a check-in on your existing life insurance coverage. It looks at what you currently have, compares it to where you are in life today, and identifies any gaps — or opportunities to improve your coverage or lower your premiums.
It costs nothing and takes less than an hour. But it can make a significant difference.
Life Events That Should Trigger a Policy Review
If any of the following have happened since you last looked at your coverage, it’s time for a review:
- You got married or divorced — your beneficiary designations need to be updated
- You had a child — your coverage amount may need to increase significantly
- You bought a home — your mortgage should be factored into your coverage needs
- You changed jobs — especially if you lost employer-provided life insurance
- Your income increased — your coverage may no longer be proportionate to your earnings
- Your health improved — you may now qualify for better rates than when you first applied
- Your children are now adults — your coverage needs may have decreased, and you may be overpaying
The Hidden Risk: Becoming Uninsurable
Here’s something most people don’t consider until it’s too late. Qualifying for life insurance depends heavily on your health at the time you apply. Conditions like diabetes, heart disease, cancer, and even sleep apnea can make coverage significantly more expensive — or result in a denial.
If you’ve been putting off reviewing or increasing your coverage, every year that passes is a year where your health could change. No one expects to become uninsurable. But it happens every single day.
The best time to review and lock in your coverage is while you’re healthy.
What I Look at During a Policy Review
When we sit down for a policy review, I’ll look at:
- Your current coverage amount and whether it still meets your needs
- Your beneficiary designations
- Whether your premium is competitive given current market rates
- Whether your policy type still aligns with your goals
- Any gaps in coverage — especially if you rely on employer-provided insurance
A Policy Review Is Free — and Could Save Your Family Everything
There’s no cost, no commitment, and no pressure. Just a clear picture of where you stand and what, if anything, needs to change.
Ready to take 45 minutes to protect your family’s future?
Doreen Patrick is an IL-licensed Life & Health Insurance Agent with Next Chapter Insurance Agency LLC, an independent agent with Equis Financial. Licensed in Illinois.