A policy review is a chance to understand what you own, what the contract promises, and whether the details still fit the reason you bought it. A review does not guarantee a better replacement is available.
Gather the current policy information
Find the policy contract, most recent statement, premium notice, riders, beneficiary confirmation and any in-force illustration the insurer has provided. Confirm the policy owner, insured person, benefit amount, premium schedule, coverage period and any renewal or conversion deadline.
Separate guarantees from assumptions
For cash-value policies, ask which values and benefits are guaranteed and which depend on current assumptions. Review how premiums, policy charges, loans or withdrawals can affect the contract. Ask the insurer or a qualified professional to explain any projection you do not understand.
Connect the policy to what has changed
Note changes in family responsibilities, business ownership, debt, income, employee benefits and long-term plans. Check whether the beneficiary information is current and whether the policy is intended to serve a different purpose than it did when purchased.
Understand the costs before making a change
Ask about surrender charges, tax questions, new underwriting, waiting periods, contestability provisions, lost guarantees and the total premium over time. A new policy may cost more or have different terms. Compare the written contracts, not just a headline benefit or initial quote.
Review with the right people
For a policy question, the insurer can confirm contract values and provisions. A properly licensed insurance professional can explain available products and comparisons. Tax or legal questions should go to qualified tax or legal professionals.
Checklist for your next conversation
- What does the current contract guarantee, and what can change?
- Are the owner, insured person and beneficiaries correct?
- What are the premium schedule, renewal terms and deadlines?
- What would a policy loan, withdrawal, surrender or missed payment do?
- If a change is proposed, what costs, benefits and guarantees would be lost?
The NAIC’s life insurance consumer guide recommends reviewing coverage over time and cautions consumers not to replace a policy without carefully studying both the current and proposed contracts. See its Life Insurance Buyer’s Guide for more questions to discuss.
To keep private information protected, don’t send policy numbers, health history, Social Security numbers or account details through this website or ordinary email. Contact the agency first to ask whether a secure review process is available for your state and situation.