Important Facts

5 Life Changes That Should Remind You to 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. 

When Should You Review Your Life Insurance Policy?

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 will most likely need to make some adjustments on your life insurance policy such as increasing your coverage limit. Keep in mind that if you were to die unexpectedly, your paycheck will 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 experienced a divorce, then you may find that your coverage needs or policy beneficiaries may 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 require deleting 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 will 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.

Was this article helpful?

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 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.

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

Life Insurance

Changes in life can also trigger a need to make changes to your life insurance policy. As part of an overall financial plan, life insurance coverage needs to remain in sync with your coverage needs. Just like your retirement and savings accounts, emergency fund, and even your family budget, your life insurance policy is just another piece of the financial puzzle. This article looks at five tips to better understand when and what to review your policy as your life changes. For more information, visit the Protective Life Learning Center.