As an insurance agent, one of the most valuable services we provide isn’t just helping clients
purchase life insurance; it’s making sure their coverage continues to meet their needs as life
evolves. An annual review of your life insurance is recommended, and no less often than every
three years.
A Life That Changed—But the Policy Didn’t
Often, a policy is written for clients in their 20s and 30s and is forgotten about. They were single, early in their career, and primarily focused on covering debts and final expenses. Fast forward to today: they’re married, have two young children, own a home, and have significantly increased their income. Then comes the empty nester phase, kids are out of the house, and the focus shifts to the retirement phase, versus income replacement and debts.
Despite all these changes, their life insurance policy remained untouched.
Identifying the Gaps
During our review, we walk through a few key areas:
Coverage Amount: Their existing policy no longer provided sufficient protection for their growing family. It wouldn’t adequately replace income or cover long-term financial needs like college tuition.
Policy Type: They originally chose a term policy that is convertible. While still useful, we explored whether layering additional coverage or considering permanent options might better support their long-term goals. Beneficiaries: Their policy still listed a parent as the primary beneficiary—something that clearly needed updating.
Financial Goals: With new priorities like retirement planning and wealth transfer, we discussed how life insurance could play a broader role in their overall financial strategy.
Adjusting the Plan
After reviewing their needs, we consider different options:
Increase their coverage to better reflect their current income and family responsibilities
Possibly add a supplemental term policy to provide extra protection during their children’s dependent years
Update beneficiaries to align with their current family structure
Discuss future options for permanent coverage to support estate planning goals
Final Thoughts
Life insurance isn’t a “set it and forget it” decision. Major life events like marriage, children, career changes, and home ownership can all impact your coverage needs. Even without big changes, it’s wise to review your policy every couple of years. If it’s been a while since your last life insurance review, now is a great time to revisit your coverage and ensure it still aligns with your goals.
Why Regular Life Insurance Reviews Matter
April 27, 2026