Periodically, you should review your life insurance policies to ensure that they still meet your insurance needs for your current situation. Consider the following points during that review:
Are your policy limits still appropriate? Whether you took out the policy 20 years ago or four years ago, it makes sense to revisit the initial selections you made. You may now find that you need more or less insurance than you originally purchased.
Is the insurance company financially sound? Check your company's ratings to make sure its financial strength has not deteriorated.
Is the policy owned by the appropriate party? Changes in your estate needs may necessitate changes in the policy's ownership.
Are your beneficiaries still appropriate? People's lives are constantly changing. These events have an impact on your life insurance beneficiaries, so you may want to change your beneficiaries due to changes in your personal situation.