Life insurance is one of the most important financial tools you can have. But as your life changes, your policy may not keep up. Is it still providing value? Or are you paying for something that no longer fits your needs? Here are five things to check right now to make sure your life insurance is still worth it.
1. Is Your Coverage Amount Still Right?
Your life insurance should match your current financial obligations. If your family’s needs have changed, your coverage might be outdated.
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Got a bigger mortgage?
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Had more children?
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Started a new business?
If so, your existing policy may not be enough. On the other hand, if your kids are grown or your debts are paid, you might be over-insured.
Check now: Calculate your total financial responsibilities. Adjust your coverage if there’s a gap—or a surplus.
2. Are You Overpaying for Your Policy?
Life insurance rates vary widely. If you’ve had your policy for years, there may be cheaper options available now—especially if your health has improved or you’ve quit smoking.
Check now: Compare quotes from top-rated providers. Use an independent agent for access to multiple carriers and updated pricing.
3. Do You Know What Type of Policy You Have?
Many people don’t know if they have term life, whole life, or universal life insurance. Each type offers different benefits, and some may no longer suit your goals.
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Term life is cost-effective for temporary needs.
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Whole life builds cash value but comes with higher premiums.
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Universal life is flexible but complex.
Check now: Review your policy type and make sure it matches your current financial plan.
4. Are Your Beneficiaries Correct?
Life changes—marriage, divorce, kids, and even death can affect who should receive your death benefit. If your beneficiary list is outdated, your money may not go where you intend.
Check now: Make sure your beneficiaries are up to date. Confirm their full names and relationships.
5. Does Your Policy Include Extra Benefits?
Modern life insurance policies often come with living benefits. These features let you access funds while you’re still alive, in case of serious illness or disability.
Look for perks like:
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Accelerated death benefits
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Critical illness coverage
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Waiver of premium riders
Check now: Review your policy details or ask your provider about add-ons you may not be using.
Final Thoughts: Don’t Let Your Policy Go Stale
Life insurance isn’t a one-and-done deal. It should evolve with you. By reviewing your coverage regularly, you can ensure your policy still protects your family—and your wallet.
Take 15 minutes today to check these five things. Your future self—and your loved ones—will be glad you did.
