The Short Answer
Life insurance isn’t “set it and forget it.” When your family, income, debt, or health picture changes, your coverage amount, beneficiaries, and term length should be re-checked—ideally before the next premium renewal, not after a claim. If any of the life events below apply, schedule a review.
Table of Contents
Most gaps show up after a big life change—when old policies, old beneficiaries, or group coverage from a former job are still on file. Use this page as a checklist you can return to year after year.
7 triggers that should force a review
- Marriage or a new partner — Update beneficiaries and whether you need joint or individual structures.
- A new baby (or expanding family) — Income replacement and education funding often jump.
- New mortgage or major refinance — Balance, rate, and amortization change your “need” number.
- Income change (up or down) — Coverage is often tied to years of income you’re replacing.
- Job change — Especially if you relied on employer group life; portable coverage may be needed.
- Divorce or separation — Court orders, new beneficiaries, and ownership may all need updates.
- Business ownership change — Key person, buy-sell, or collateral assignments should align with your corporate docs.
Pro tip
Put a recurring calendar reminder (e.g. every March) for a 30-minute policy review—even if nothing “big” happened. Inflation and asset growth alone can drift your numbers.
What to check (quick checklist)
- Coverage amount — Still matches mortgage + income replacement + goals (e.g. education).
- Beneficiaries — Names, percentages, and contingent beneficiaries are current.
- Term length — Still covers your timeline (kids through school, mortgage payoff).
- Conversion or renewal — Know your options before the term ends; see permanent life if needs are lifelong.
See how today’s needs line up with your existing coverage
How often to revisit
Beyond the seven triggers above, a sensible rhythm is a quick review annually (at tax time or a fixed month) and a deeper review every 3–5 years or at any major milestone. If you’re approaching the end of a term period, start planning 12–18 months ahead so you’re not forced into a last-minute renewal.
What to do next
Gather your current policy summaries, group benefits booklet, and rough numbers for mortgage and income. Then book a short call to walk through gaps—whether that means increasing coverage, updating beneficiaries, or layering new coverage alongside what you already own.
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