{"id":172,"date":"2021-04-14T11:00:39","date_gmt":"2021-04-14T15:00:39","guid":{"rendered":"https:\/\/blog.specialtylifeinsurance.ca\/?p=172"},"modified":"2024-07-30T20:20:44","modified_gmt":"2024-07-30T20:20:44","slug":"how-do-i-review-my-life-insurance-policy","status":"publish","type":"post","link":"https:\/\/cms2.dmatrixsoft.com\/sli-blog\/2021\/04\/14\/how-do-i-review-my-life-insurance-policy\/","title":{"rendered":"How Do I Review My Life Insurance Policy?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">After purchasing a life insurance policy, most people fall into the trap of filing it away and never looking at it again until it is necessary. But it is beneficial to regularly review your coverage to ensure that the plan is best meeting your current needs. Cover you purchased 10 years ago may not work for your present situation in life. So, how should you review your life insurance policy? Let\u2019s take a look.<\/span><!--more--><\/p>\n<h2><b>Identifying important times to review your coverage<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Before we dive into what to look for in your policy and how to go about reviewing your coverage, you should be aware of some <\/span><a href=\"https:\/\/lifehappens.org\/life-insurance-101\/how-often-should-i-review-my-life-insurance\/#:~:text=As%20a%20general%20rule%20of,to%20protect%20your%20loved%20ones.\"><span style=\"font-weight: 400\">key times in your life that will constitute a life insurance review<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">You\u2019re buying your first home or when you move.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">You\u2019re getting married.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">You\u2019re starting a family or planning to start a family.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">You\u2019ve just got a promotion, or you\u2019re switching careers.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">You\u2019re approaching retirement.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">These are just a few examples of times when you may require a life insurance review. If you\u2019ve recently had some changes in your life like the ones above, consider reviewing your coverage.\u00a0<\/span><\/p>\n<h2><b>Understanding the basics of reviewing your policy<\/b><\/h2>\n<p><span style=\"font-weight: 400\">An excellent way to keep track of your life insurance coverage is to get the plan details down on paper. This way it will be easy to reference it quickly when you contact your insurer. Most policies come with an insurance declaration page that summarizes your plan\u2019s aspects and helps you<\/span><a href=\"http:\/\/www.ibc.ca\/qc\/insurance-101\/know-your-policy\"><span style=\"font-weight: 400\"> know your coverage better<\/span><\/a><span style=\"font-weight: 400\">, but it helps to have your own made and handy when you need it.\u00a0<\/span><\/p>\n<h3><b>What type of plan is it?<\/b><\/h3>\n<p><span style=\"font-weight: 400\">It sounds like a no-brainer, but you should clearly understand the type of coverage you have. Is it life insurance? Final expense insurance? Critical illness coverage? Accidental death coverage? Begin here and record the exact plan type you own.\u00a0<\/span><\/p>\n<h3><b>Important policy details<\/b><\/h3>\n<p><span style=\"font-weight: 400\">The first detail you want to record is the name of the insurer you worked with when you bought the policy. Write down the company name and ensure all contact information you have for that company is up to date. Under the contact information, record plan details like the policy number, current premiums, and the date your coverage began. This information will be necessary if you ever have to contact the insurer directly.<\/span><\/p>\n<h3><b>Beneficiaries\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400\">When reviewing aspects of your insurance policy, don\u2019t forget to take some time to check who your beneficiaries are and if you have all the contact information for them at the ready. You mustn\u2019t forget to check your beneficiary information, as it could have changed over the years. Perhaps when you purchased your plan, you were married and listed your spouse as the beneficiary, but now you\u2019re divorced and need to make a change to list a sibling, child, or new spouse as your new beneficiary.\u00a0<\/span><\/p>\n<h2><b>Review your policy regularly<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Taking a look at your plan after significant life events and at regular times each year goes a long way to ensuring it financially safeguards the people who matter most. Be sure to keep a file with all the information we mentioned above, with your policy in a safe place, so you can always have it at the ready if you need it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">If, after you\u2019ve reviewed your plan, you think you need additional or updated coverage, we at Specialty Life Insurance are more than happy to help you. Whether you need <\/span><a href=\"https:\/\/specialtylifeinsurance.ca\/guaranteed-life-insurance.html\"><span style=\"font-weight: 400\">final expense insurance, <\/span><\/a><span style=\"font-weight: 400\"><a href=\"https:\/\/specialtylifeinsurance.ca\/term-life-insurance.html\">coverage for temporary commitments<\/a> or you have a dangerous job and need <\/span><a href=\"https:\/\/specialtylifeinsurance.ca\/accidental-death-plan.html\"><span style=\"font-weight: 400\">accidental death insurance<\/span><\/a><span style=\"font-weight: 400\">, we have plans that can work for your needs and budget. <\/span><a href=\"https:\/\/specialtylifeinsurance.ca\/contact-us.html\"><span style=\"font-weight: 400\">Contact us now<\/span><\/a><span style=\"font-weight: 400\"> to get started.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Have you ever asked yourself, \"how do I review my life insurance policy?\" Let's take a look at what you need to do when reviewing your plan.<\/p>\n","protected":false},"author":4,"featured_media":459,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,12],"tags":[28,29,22,30],"class_list":["post-172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","category-tips","tag-beneficiaries","tag-insurance-tips","tag-life-insurance","tag-reviewing-your-plan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Do I Review My Life Insurance Policy? 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