Review Your Life Insurance Coverage — What to Check

Life insurance is one of the few financial decisions people make once and then never revisit. A policy bought at 40 quietly rides along into a completely different life — new home, grown children, a remarriage, retirement — without anyone checking whether it still fits. A review is not about being sold something new. It is about making sure what you already have still does what you need it to do.

Why a Periodic Review Matters

Lives change faster than policies. The coverage amount that protected a young family may be far too small — or, once the mortgage is paid and the kids are grown, more than you need. Beneficiary designations drift out of date. Term policies quietly approach their expiration. None of this announces itself; it surfaces only when someone looks.

What to Check

• Coverage amount versus current need. Does the death benefit still match the obligations it is meant to cover? The survivor income calculator can help you re-test the number.
• Beneficiaries. Are the named beneficiaries still the people you intend — after any divorce, death, birth, or remarriage? This is the single most common thing found out of date.
• Policy type. Is it term or permanent, and does that still match whether the need is temporary or lifelong? See term vs permanent.
• Premium and lapse risk. Is the premium level and being paid? Some older permanent policies can lapse if cash value erodes — worth confirming.
• Term expiration and conversion. If it is term, when does it end, and is there a conversion option you would lose by waiting?

How Health Changes Affect Your Options

This is the part that catches people off guard. An existing, in-force policy is generally locked in at the health you had when it was issued — a later diagnosis does not raise the premium or let the insurer cancel it. New coverage, on the other hand, is underwritten at your current age and health, which may be more expensive or, in some cases, unavailable. That asymmetry is exactly why you should review before making changes, and why dropping coverage you already hold can be an expensive mistake.

What Washington Gives You as a Consumer

Washington law includes real consumer protections worth knowing about. Every new life insurance policy comes with a free-look period — at least 10 days (longer for certain policies marketed to seniors) — during which you can cancel for a full refund after reading the actual contract. Washington also has replacement rules that require disclosures when you are asked to swap one policy for another, because a replacement is not always in the buyer's interest. Knowing these rights helps you slow down and decide on your own terms.

When to Review

Every few years is a reasonable cadence, and any major life event is a natural trigger: marriage, divorce, a new child or grandchild, buying a home, retirement, or a meaningful change in income or health. The rest of the life insurance section covers the specific needs a review might surface.