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Life Insurance Basics

When should you review your life insurance policy?

Keeping your life insurance policy in sync with your life events is a way to ensure your policy still meets your needs.

It’s important to review your life insurance policy periodically

The National Association of Insurance Commissioners (NAIC) suggests that you regularly consider a life insurance policy review to determine if the coverage in your policy is still appropriate for your situation. In fact, most financial advisors and insurance professionals recommend reviewing your life insurance coverage annually.

Reviewing your life insurance policy should be part of your overall financial plan. So when you sit down to check up on things such as your retirement and savings accounts, emergency fund, and even your family budget, it just makes sense to include your life insurance.

If it has been a while since you reviewed your life insurance policy, there's no time like the present. The following are five tips to better understand when and what to review your policy as your life changes.

1. Your family status has changed

If your family is growing, you'll most likely need to make some adjustments to your life insurance policy such as increasing your coverage. Keep in mind that if you were to die unexpectedly, your paycheck would stop supporting your family.

2. Your health has changed

If your health has significantly improved since you took out your life insurance policy, check with your agent about the possibility of getting better rates. Some insurers may be willing to take another look at your overall insurability.

3. Your marital status has changed

If you got married, you'll want to discuss with your agent the fact that you and your new spouse may now depend on each other's income. If you experience a divorce, then you may find that your coverage or policy beneficiaries  need to be adjusted.

4. Your beneficiaries have changed

To dovetail on tip number three, a new marriage could mean updating your life insurance policy to add your new spouse as a beneficiary. In contrast, a divorce may warrant revoking a former spouse.

5. Your housing situation has changed

Did you buy a new house? Congratulations! But now you need to consider the fact that if you were to die unexpectedly, how would your family continue to pay the mortgage. On the flip side, if you downsized or paid off your home, you may not need as much life insurance coverage.

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax-related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.