Understanding a Life Insurance Policy Review

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

What is a Life Insurance Policy Review?

A life insurance policy review involves assessing your current life insurance policy to ensure it still meets your needs. This review takes into account changes in your life circumstances, financial goals, and the policy’s performance. It may involve evaluating the policy’s coverage amount, premiums, beneficiaries, and any additional features or riders.

Key Aspects to Consider During a Review:

  1. Coverage Adequacy: Whether the death benefit aligns with your current financial obligations and goals.
  2. Premium Payments: If they are affordable and offer value for money.
  3. Policy Performance: For policies with an investment component, how well the investment is doing.
  4. Beneficiaries: Ensuring they are up to date and reflect your current wishes.
  5. Riders and Benefits: Whether additional features, like critical illness riders, are still relevant.
Life Insurance Review

How Often Should I Review My Life Insurance Policy?

Recommended Frequency of Review:

It is advisable to review your life insurance policy:

  1. Annually: A yearly check ensures that your policy is in line with any minor changes in your circumstances.
  2. After Major Life Events: Such as marriage, divorce, the birth of a child, buying a house, or a significant change in income.

Reasons for Regular Reviews:

  1. Changing Financial Responsibilities: As you pay off debts or acquire new ones, your coverage needs may change.
  2. Family Circumstances: Changes in family size or structure can alter who you want to benefit from your policy.
  3. Health Changes: Improvements or declines in health can affect your policy needs or premiums.
  4. Economic Changes: Inflation or changes in your financial goals may require adjustments in your coverage.
Life Insurance Policy Review


Regularly reviewing your life insurance policy ensures that it remains aligned with your current needs and life circumstances. It is a crucial step in maintaining financial security for yourself and your loved ones.

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Need Help Getting Life Insurance Coverage?

Feel free to contact us if you need help purchasing a life insurance policy. The service is free of charge.

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Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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