Spring Into Protection: Why Now Is the Time to Review Your Life Insurance

As winter melts away and the days grow longer, spring becomes synonymous with new beginnings. It's the season when we dust off the cobwebs, declutter our homes, and make room for fresh starts. But while you’re cleaning out your closets and organizing your garage, there’s one area often overlooked that also needs attention: your life insurance.

Spring is the perfect time to review your life insurance coverage. Whether you're a seasoned policyholder or someone who purchased a policy years ago and tucked it away, this season of renewal presents an opportunity to ensure your coverage still aligns with your current life circumstances and future goals.

The Importance of Periodic Life Insurance Reviews

Life insurance isn’t something you buy once and forget. Like any financial tool, it needs regular checkups to ensure it remains effective. A periodic review helps you:

• Ensure adequate coverage

• Update beneficiary designations

• Adjust for changes in income or debt

• Incorporate new financial goals

• Take advantage of policy features

Failing to review your policy could leave your loved ones underprotected—or paying for coverage you no longer need.

Why Spring Is the Ideal Time

Spring marks a fresh financial quarter and follows tax season, making it a logical point for financial reflection. You’ve likely gathered documents, assessed assets, and identified changes in income or expenses. Reviewing your life insurance now can be part of your broader financial spring cleaning.

Moreover, spring is often a time when people make major life decisions—buying homes, getting married, having children. If any of these apply to you, they’re a signal that your insurance needs have changed.

Life Changes That Warrant a Policy Review

Life happens fast. Significant events should trigger a review of your life insurance to ensure it still provides the right level of protection.

• Marriage or Divorce: Changes in marital status often mean updating beneficiaries or adjusting coverage.

• Birth or Adoption of a Child: Expanding your family increases your financial responsibilities.

• Career Changes: A higher salary may warrant more coverage; job loss could call for premium adjustments.

• Home Purchase or Relocation: If you’ve taken on a mortgage, you may need additional coverage.

• Health Changes: Improved health might make you eligible for better rates. Conversely, declining health should prompt a coverage assessment while you’re still insurable.

Policy Components to Review

Use this season to look at the critical components of your policy:

• Coverage Amount: Is it enough to cover your debts, income replacement, and future obligations?

• Policy Type: Do you have term or permanent insurance? Is it still the best fit?

• Beneficiaries: Are the listed beneficiaries still appropriate?

• Riders: Are there any add-ons (like disability income, child protection, or long-term care) that should be added or removed?

• Premiums: Are your payments still affordable, or are there ways to restructure them?

Tax Considerations

Spring also coincides with tax season, so it’s a good time to consider how your policy impacts your taxes. Life insurance death benefits are typically tax-free, but some policies with cash value components could have tax implications.

Speak with a financial advisor to ensure your policy is tax-efficient and fits within your broader estate and retirement planning strategy.

When to Consider Buying More Coverage

Sometimes a review reveals that your current coverage isn’t enough. You might need additional insurance if:

• Your income has increased significantly

• Your family has grown

• You’ve acquired more debt

• You’re supporting aging parents

• You want to leave a charitable legacy

Buying life insurance while you're still young and healthy can secure better rates and prevent future insurability issues.

When to Reduce or Cancel Coverage

In contrast, your review might show that you’re overinsured. Reasons to reduce coverage include:

• Paid-off debts

• Grown, financially independent children

• Retirement with sufficient savings

• Unused or unnecessary riders

Always consult with a financial advisor before making reductions to avoid unintended consequences.

The Emotional Benefit of Peace of Mind

Beyond the numbers and strategy, there’s something emotionally powerful about knowing your loved ones are protected. Reviewing your life insurance can bring peace of mind and a renewed sense of responsibility and confidence.

Spring is a time for growth and assurance. Ensuring your policy is current is one of the most selfless and thoughtful actions you can take.

Take the First Step Today

Reviewing your life insurance doesn’t have to be overwhelming. Start by pulling out your current policy, noting any recent life changes, and making an appointment with your insurance advisor or financial planner.

Remember: life insurance is not just about protection—it’s about preparation.

So this spring, in between planting flowers and cleaning out closets, take time to spring into protection. Your future self—and your loved ones—will thank you.