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Reviewing your life insurance portfolio is a crucial step in planning for the future.

Life insurance can play a key role in protecting your family from a financial crisis or help you leave a legacy to your beneficiaries, but it isn’t always a “set-it-and-forget-it” process. It’s important to continually review your life insurance policy or policies with your financial advisor to ensure that it still offers worthwhile protection and the benefits you hoped for when you originally signed on the dotted line. Life insurance is also constantly evolving, potentially meaning it could be advantageous to replace your policy with one that suits your goals better. Here are a few reasons to take a look.

  1. Your Circumstances Have Changed

It’s only natural for your life’s circumstances to change, and they could change for a multitude of reasons. Maybe you recently started a new job, received a raise, changed your goals, made a large purchase or started a business. These are all major life events that impact your financial outlook and could change your reasons for looking into life insurance. Additionally, any of these events could mean that your policy no longer aligns with your new goals. A financial advisor can help you assess the terms of your contract and make sure it still places you on the right track to achieve your objectives.

  1. You Need to Update Your Beneficiaries

Another reason to review your life insurance policy is if you need to update your beneficiaries. A need for change in beneficiaries can be surprisingly common in any stage of life. For instance, if you recently married, divorced, had a child or grandchild, or your spouse passed away, it could be necessary to tweak your policy. This can help ensure that your goals are met and your family is taken care of in the event that you need to leverage your policy. It can also protect them from unnecessary confusion or disagreements amongst themselves, offering a bit of clarity in the grieving process.

  1. You Have Different Needs

When your circumstances change, or the circumstances of your beneficiaries change, your needs might also change. Your life insurance policy should reflect those needs, and more importantly, you shouldn’t be paying premiums for a policy that doesn’t help you achieve your goals. Your needs could also change if you need a greater death benefit to protect your family in the event they lose you, or in permanent policies, you may want to look into riders that could offer ancillary living benefits, giving you the opportunity to use your policy for things like retirement income or long-term care benefits.

  1. Outside Changes Have Occurred

So many factors that play a major role in your retirement are outside your control. That could mean that market conditions have changed, possibly pushing you to look for more protective options in your retirement portfolio. It could also mean that tax legislation has changed, potentially driving you to look for tax-advantaged ways to leave a legacy, grow your portfolio or keep pace with inflation. The world is constantly evolving, and the financial landscape is always in flux. Remaining open-minded and looking for new ways to achieve your goals can always be a good idea when planning for your ideal vision of retirement.

  1. Your Estate Plan Has Changed

Life insurance, or trusts with life insurance policies, have always been a major component of estate planning. They can help ensure that your legacy and your money go exactly where you’d like them to go. They can also help your beneficiaries grieve at a time during which they need it most. If your goals have changed, or if you need to recalibrate your plan for what will happen to your assets when you pass, it can be a good idea to revisit your current life insurance policy to ensure that it matches your objectives and provides your desired level of protection.

  1. New Policies Have Arrived

The life insurance industry is always changing, and as it does, so might the potential of a life insurance policy. In this case, your financial advisor may be able to help you replace or exchange your policy with a similar one that could be structured differently or offer different protections. This could also be helpful if you’re looking to convert a term life policy that only offers a death benefit into a permanent policy with a saving component, especially if that term is concluding. Your premiums may change, so it’s still important to make sure that the new life insurance policy aligns with your investment, saving and lifestyle goals.


If you have any questions about life insurance policies or what to look for when reviewing your contract, please contact us at 913-491-6226. You can also visit us online and schedule an appointment with Terri Lewis at Prime Capital Investment Advisors.

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Terri Lewis, CLU®, ChFC®

Partner, Financial Advisor
Prime Capital Investment Advisors
6201 College Boulevard, Suite #150
Overland Park, KS 66211
Call MK: (913) 491-6226