End-of-April Life Insurance Checklist: Is Your Policy Still Right for You?

As April comes to a close, it’s the perfect time to wrap up your spring financial planning with a thorough life insurance check-up. Just like changing your smoke detector batteries or reviewing your taxes, ensuring your life insurance still fits your life is a crucial annual task.

Why You Should Check Your Policy Every Year

Life doesn’t stand still—and neither should your insurance coverage. A quick review ensures:

• Your beneficiaries are up to date

• Your coverage matches your current needs

• You’re not overpaying or underinsured

  
  

End-of-April Life Insurance Checklist

Here’s a simple checklist to help you review your policy efficiently:

1. Review Your Coverage Amount

• Is it still aligned with your income and financial obligations?

• Do you need more coverage due to a new mortgage, business, or child?

2. Verify Policy Type and Duration

• Do you have a term policy nearing expiration?

• Would switching to a permanent policy make more sense for your current stage in life?

3. Update Your Beneficiaries

• Have there been births, deaths, marriages, or divorces?

• Ensure you name both primary and contingent beneficiaries.

4. Reevaluate Premium Payments

• Are your premiums still affordable?

• Is it time to explore policies with better rates or convert to another type?

5. Examine Riders and Additional Benefits

• Do you have riders like long-term care, disability waiver, or critical illness?

• Are there new riders worth considering?

6. Evaluate Policy Performance (for Permanent Policies)

• Check your cash value growth or dividends (if applicable).

• Is the policy performing as expected?

7. Consider Health Changes

• Have your health or lifestyle habits improved?

• You may now qualify for better rates or lower premiums.

8. Review Policy Ownership

• Is the policy still owned by the right individual or trust?

• Consider transferring ownership for estate planning purposes.

9. Check Insurer Financial Strength

• Is your insurance provider financially stable?

• Look up their current rating via AM Best or Standard & Poor’s.

10. Schedule a Professional Review

• Set a meeting with your financial advisor or insurance agent to walk through your policy and ask questions.

  
  

When to Make a Change

You might need to update your policy if:

• You've recently gotten married or divorced

• You had or adopted a child

• You bought a house or expanded your business

• You’ve entered retirement

• You’ve taken on new debt

What to Do If Your Policy No Longer Fits

Option 1: Convert Term to PermanentIf you want lifelong coverage, consider converting a term policy before it expires.

Option 2: Increase or Decrease CoverageAdjust your death benefit to fit your updated financial picture.

Option 3: Switch ProvidersIf your needs aren’t being met, shop around for new policy options.