How Often Should I Review my Life Insurance Coverage?

It is important to review your policy every two to three years to make sure it still reflects the needs of you and your family. For instance, if your health has improved or you’ve quit smoking, you may want to apply for reconsideration of your health class to lower the premium payment. Perhaps you got a promotion or a raise and now you need more coverage. Or maybe you got married or welcomed a new baby to the family and need to update your beneficiaries. Conversely, maybe you’ve paid down your debt and don’t need as much life insurance, so you could consider lowering the face amount to save even more. If it’s been a while since you have looked over your policy, now is the time.