Life Insurance Policy Review Checklist

June 23, 2023 |read icon 5 min read
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If you’re thinking about getting life insurance for the first time or if the time has come to review your current life insurance coverage, consider these tips to prepare to meet with a financial professional who can help you.

What stage of life are you currently in?

A review is important for everyone but especially for those entering a new stage of life. A new stage of life can be created by:

  • Birth or adoption of a child.
  • Marriage, divorce or death of a spouse.
  • Starting a business or leadership changes of your existing business.
  • Buying a home.
  • Children moving out on their own.
  • Changing job status, including a new job or promotion.
  • Experiencing significant changes in assets, including losses, gains or an inheritance.

Life insurance policy review checklist

If you already have life insurance and are experiencing any of these life changes or preparing for your next chapter, review the life insurance policy review checklist below before meeting with your financial professional.


  • If your goal is income protection, ask yourself if the death benefit of your current policy is large enough for your family to maintain their current standard of living or to ensure the successful continuation of your business.
  • If your goal is estate protection, ask yourself if your death benefit would cover any estate tax or wealth transfer needs.

44% of American households would experience significant financial difficulties within half a year if the primary wage earner for the family would die, according to LIMRA. 


  • Underwriting determines the risk of issuing coverage to an individual. The younger and healthier you are, the more money you will save on a premium. Ask yourself: How much are you paying for your life insurance coverage?
  • Can protection be provided more economically?
  • Would your premium improve if you were underwritten now?

Ownership and beneficiaries

  • Is the ownership of your policy structured to best fit your estate planning or business needs?
  • Are your beneficiary designations up to date?
  • Are all your intentions for your succession, employees or heirs addressed?

If you’re unsure about any of these questions, come into the meeting with a list of possible changes.

Type of policy

  • Is the type of policy you have (term, whole life, universal life) still meeting your objectives?
  • What employer group life insurance or other insurance do you have?
  • If you have term insurance, what will you do at the end of the term?
  • Can your policy be converted to permanent insurance?
  • When do can you convert?

Learn more about the differences between types of policies.

Supplementary benefits

  • Are any optional riders and coverage still needed?
  • Are there any new options that might be helpful?

A rider is added to help you customize your insurance policy to fit your needs. For example, you might consider adding the Children’s Insurance Rider so your child can convert their term insurance into permanent insurance when they turn 25-years-old.

Cash value and performance

  • Is the performance of your permanent policy meeting your expectations?
  • Does your policy have enough cash value to sustain it as long as the need exists or to meet your other goals?

Why do I need a life insurance policy review?

A life insurance policy review may reveal that you are on track to meet your objectives or that you have too much coverage. A policy review might also identify new ways to provide a more cost-effective coverage, or it might highlight discrepancies between your current coverage and goals. With experience and knowledge, a financial professional can be an asset through this important process.

Policy reviews also establish a place for life insurance cash value in your overall portfolio, address any newly desired legacy goals, and evaluate the connections between your business and your needs as a business owner.

Protect the people around you. In your absence, make sure those people are covered and not left with undue burden.

Need help with your financial goals?

While you can learn more about our products on this website, this information is no substitute for the guidance of a qualified professional. If you’re serious about assessing your financial wellness, contact a financial professional.

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Sources and References:
Loans and withdrawals will reduce the policy’s death benefit and available cash value. Excessive loans or withdrawals may cause the policy to lapse. Unpaid loans are treated as a distribution for tax purposes and may result in taxable income.

In approved states, life insurance is issued by Ameritas Life Insurance Corp. In New York, life insurance is issued by Ameritas Life Insurance of New York.