When Should You Review Your Life Insurance Policy?

You should review your life insurance policy every two to three years and any time your life changes in a big way, like a marriage, a new baby, a home purchase or a job change. A quick review makes sure your coverage amount, beneficiaries and policy type still match your family's needs. Many people buy a policy once and never look at it again, which is how gaps quietly form.

Quick answer: Plan a check-up every few years, plus after major life events, health changes and before a term policy's conversion deadline. During a review, confirm your coverage amount, beneficiaries, riders, premiums and, for cash value policies, any loans. It takes less time than most people expect and can catch costly mistakes.

Life events that mean it's time to review your life insurance policy

Some moments almost always call for a fresh look:

• Marriage or a new partner. You may want to add coverage and update beneficiaries.
• Divorce or separation. An ex-spouse may still be listed as beneficiary. Check any court order before making changes.
• A new baby or adoption. Your coverage need usually goes up, and you may want a trust or contingent beneficiary for the children.
• Buying a home or refinancing. A bigger mortgage means a bigger gap to fill.
• A new job, layoff or retirement. Group coverage through work often changes or ends.
• Starting a business. You may need personal coverage plus a plan for business partners or loans.
• A death in the family. If a beneficiary passes away, update your designation right away.
• Caring for a parent. Supporting someone else can increase how much your family would need.

For families in Alpharetta and across North Fulton, job changes along the GA 400 corridor are one of the most common triggers. It's easy to forget that the coverage you had at your old employer may not have followed you.

Other reasons to check in

Not every reason to review is a major life event. Watch for these too:

Your term is getting close to ending. Most term policies have a conversion deadline, which is the last date you can switch to permanent coverage without new medical underwriting. That deadline often comes before the term ends. Missing it can mean losing a valuable option, especially if your health has changed. Learn more on our term life insurance page.

Your health has improved. If you've quit tobacco, lost weight or gotten a condition under control, you may qualify for a better rating class. Some carriers will reconsider your rating, or a new policy may cost less.

Your premium changed. Some permanent policies, especially certain universal life designs, can see rising internal costs over time. If you got a notice about a higher premium or a policy at risk of lapsing, review it promptly.

You've borrowed from cash value. Loans on whole life or other permanent policies accrue interest and reduce the death benefit. A large loan balance can put a policy at risk if it isn't watched.

What to check during a review

Here's a simple checklist you can use on your own or bring to your appointment:

If you're unsure how much coverage you need today, our life insurance calculator can give you a fresh estimate to compare with what you own.

How often to review your life insurance policy

A good rhythm for most families:

1. Every two to three years as a routine check-up, even if nothing obvious has changed.
2. Within a few weeks of any major life event on the list above.
3. A year or two before your term's conversion deadline so you have time to make a decision.
4. Whenever you receive a notice about a premium change, lapse warning or policy update.

Setting a calendar reminder is the easiest way to stay on track. Some people tie their review to another yearly task, like tax season or an annual physical.

What happens at a policy review with us

When you review your life insurance policy with TDN Academy, it's free and usually takes about 30 minutes. Bring copies of your current policies, including any coverage through work, and a rough idea of your mortgage balance and major debts.

We'll walk through each policy in plain English, check your beneficiaries, explain your riders and compare your current coverage with what your family needs now. If something can be improved, we'll show you options from multiple carriers side by side. If your coverage already fits, we'll tell you that too. You're never obligated to change anything.

You can book your review online at a time that works for you, at our downtown Alpharetta office, by phone or by video.

Frequently asked questions

Can I lower my premium by reviewing my policy?

Sometimes. If your health has improved or you have more coverage than you need, there may be ways to reduce your cost. In other cases, keeping your current policy is the smarter move, especially if you're older or your health has changed.

Should I replace an old policy with a new one?

Not automatically. A new policy may have a new contestability period and new suicide exclusion period, typically two years each. Replacement can make sense, but compare carefully and keep the old policy in force until the new one is approved.

What if I can't find my old policy?

Contact the insurance company with your name, date of birth and any policy details you have. They can usually send a copy. If you don't know the carrier, check bank statements for premium payments.

Do I need to review a policy I bought through work?

Yes. Group coverage can change during open enrollment, and it typically ends or changes when you leave the job. Check your beneficiary and coverage amount each year.

Next step

If it's been a few years, or life has changed since you bought your policy, now is a good time to look. Book a free policy review or call 470-777-7460. We'll make sure your coverage still matches the life you're living today.

This article is for general education and is not tax, legal or investment advice. Coverage, features and pricing vary by carrier, state and individual underwriting.