Annual life insurance policy review checklist

How to use it

Run through the list once a year, and again after a marriage, birth, divorce, new home, new job or death in the family. Tick each statement that is true for you. Every unticked item is something to fix or ask the insurer about.

A progress count and a bar for each of the four parts update as you tick. Three buttons sit under the list. Save my progress on this device keeps your ticks in your browser on this device only, and only when you press it. Clear unticks everything and deletes the saved copy. Print opens your browser's print dialog.

What it checks

The 16 items sit in four parts.

Coverage

• The death benefit still covers what your family would need. The tool suggests re-running the How much life insurance do I need? after big life changes.
• You know when each term policy ends.
• You know your conversion deadline for each term policy. Converting without new medical questions is usually allowed only until a set age or year. See conversion privilege.
• You would still be covered if you left your job, because group coverage usually ends with the job.

Beneficiaries

• Primary and contingent beneficiaries are named on every policy.
• No former spouse is still named by mistake.
• Children who are minors receive through a trust or custodian.
• Designations match your will and estate plan.

Cash value policies

• You have a current in-force illustration, which you can ask the insurer for every few years.
• The policy is not projected to lapse.
• You understand any loan balance and its interest.
• Premiums are enough to keep any no-lapse guarantee in force.

Paperwork and people

• Your beneficiaries know the policies exist and where to find them.
• Premiums are on automatic payment or a calendar reminder.
• The insurer has your current address, email and phone.
• You checked the insurer's financial strength rating.

What it assumes

• A statement is true or not. The tool does not check any of them against a real policy, and it has no way to read your documents.
• The cash value items apply only if you own a permanent policy. If you own only term insurance, skip that part. The progress count still includes every item, so you will not reach 16 of 16.
• The suggested interval is a rule of thumb the tool states, once a year or after a major change.

Where it stops being right

• A complete tick list does not mean the coverage is right. It only means you have looked. The needs calculator and an advisor answer the amount question.
• The beneficiary items do not tell you how an insurer will read a particular designation. Changing one follows the insurer's own process, described in how to change your life insurance beneficiary.
• It does not cover employer policies in detail, annuities or business-owned policies.
• It does not remind you. Put the date in your calendar.

For more on how to run the review, see the how to review your life insurance policy every year guide, and how to request and read an in-force illustration for requesting the illustration.