The Importance of a Life Insurance Policy Review

The Importance of a Life Insurance Policy Review

by Leslie Freeland, June 3, 2015

When your life changes, so should your life insurance or mortgage protection.

It’s that time of the year when many of us resolve to whip our houses into shape with a traditional, annual spring cleaning. But did you know that the spring cleaning season is not just for your home? It’s a great time to dust off your life insurance or mortgage protection policy and review your coverage too with an insurance policy review!

You may know where to begin your spring cleaning on your home (or maybe not!), but where should you begin on your life insurance or mortgage protection policy?

Asurea has the Simple Solution for you to keep your insurance updated. All you need to do is contact us for an Asurea Policy Review, and we will review your life changes, compare your current situation with your current coverage, and then help you make adjustments as needed. The best part? This is a 100% free service for you from Asurea!

This Simple Solution means you can think less about insurance and more about how you are going to reorganize your garage.

What is an insurance policy review?

Reviewing your policy is a process where you and your insurance agent go over any life changes that may require updating your policy. In fact, did you know that you can make many adjustments to your existing life insurance or mortgage protection policy anytime you like? By regularly reviewing your policy, you can ensure that your needs are covered.

How often should your policy be reviewed?

Typically, you should review your life insurance or mortgage protection policy about every three years. However, there are significant life changes that should trigger an insurance review light bulb in your head to contact your insurance agent as soon as possible and not wait the full three years.

What life changes may require updating my policy?

A number of factors can affect your life insurance or mortgage protection needs, meaning that you may need to make some adjustments to your policy if any of these apply to you. Some of these factors include:

  • A change in your financial responsibilities. Having a new baby, getting married, adopting, caring for elderly parents, or providing for a special needs child, often requires increasing your policy coverage. Remember, the people who depend on you for financial support are counting on you.
  • Taking on new debt. Did you finally buy your dream home or that shiny new car? If you were gone tomorrow, would your family have the money to pay off existing debts, or would they face financial hardship? Yep, taking on additional debt means you’ll need additional life insurance or mortgage protection.
  • Starting a business. The American dream, right? But starting a new business means taking on additional financial responsibilities such as business loans, vendor bills, and commercial property taxes and leases. Having enough life insurance to continue a family business means your business will stay in the family for years to come.
  • A negative change in your health. If you have become disabled and are unable to work, there are certain policy riders that can supplement a portion of your income (disability income rider), as well as pay the monthly premiums on your policy (waiver of premium rider) as long as you are unable to work. Some people have purchased these riders and don’t remember, so a policy review will help you claim any benefits you should be receiving.
  • A positive change in your health. Maybe your health has improved. Is your diabetes now under control? Is your blood pressure lower? Have you lost weight? If so, you may now qualify for a lower monthly premium payment or better coverage.
  • Changes in who gets what. One of the most important reasons for reviewing your life insurance or mortgage protection is to update your beneficiaries (the individual or individuals you’re leaving your money to). Everything from births and adoptions, marriages and remarriages, divorce and family relationships, can trigger a change/update in the beneficiaries of your policy.
  • Positive changes to your driving record. If you have had speeding tickets, DUIs, and more fall off your driving record, you are a good candidate for a policy review. Insurance companies charge less for good driving records.

At Asurea, we get the fact that you’re busy. But just like that closet that overflows a little more every time you open the door, the longer you keep putting things off, the more risk you’re taking that you won’t have the coverage you need when you need it. Something may take you by surprise when you least expect it. That’s why our Simple Solution approach to life insurance and mortgage protection includes understanding the importance of reviewing your policy and knowing when it should be updated. Contact us today for your insurance policy review.

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Asurea offers Life Insurance, Mortgage Protection Life Insurance, Medicare Supplement Insurance, Final Expense Insurance, Disability Insurance, Long-term Care Insurance, Retirement Planning products and more. For additional information, click on the ‘Learn more’ button below. Want to have articles just like this delivered to your inbox? Just enter your email address in the box below and click ‘Subscribe.’

This information is provided for general consumer educational purposes only and is not intended to provide legal, tax or investment advice. Dollar amounts are for illustrative purposes, not actual.


Leslie Freeland

Leslie Freeland

Find her at LinkedIn
Leslie joined Asurea as the Marketing Communications Coordinator in February 2015. Since then, she has been working closely with insurance professionals to educate the public on the importance of life insurance and protect the public from common scams with informational articles.
Leslie Freeland