5 Reasons to Review Your Life Insurance Policy Each Year

Quility Insurance
3 min readFeb 15


Choosing a life insurance policy depends on your lifestyle, financial situation and your loved ones. Life is constantly changing, which means your life insurance needs change over time too.

Between marriage, remodeling your home or even checking for discounts, we’ve got five reasons that will make it worthwhile to check your life insurance coverage today.

Life changes can affect your coverage needs

Maybe you adopted a child, or you recently got a divorce. Perhaps you purchased your first home, or you just invested in a new real estate opportunity. Any major life changes could influence your life insurance needs.

Thinking about having kids? A term life insurance policy would be a great fit. Planning for retirement? Consider an annuity.

Got student loans? Don’t leave your co-signer on the hook!

Your life insurance coverage amount (usually anywhere from $100,000 to over $1 million) is designed to help you cover your assets — including a mortgage or student loan. Many people have co-signers on their student loan and may not realize that if they were to pass away with the loan unpaid, their student debt would likely fall on their co-signer.

Protect your loved ones by ensuring that your life insurance coverage amount reflects your loans and debts — this way, your life insurance payout will cover those costs (and your co-signer will thank you).

Entering retirement means you may be getting a payout

If your retirement years are near, it’s time to take a close look at the savings vehicles you’ve invested in over the years. Cash value life insurance products and annuities can help you enjoy a steady payout to fund the retirement lifestyle you deserve. If you’re nearing the golden years, your annuity is probably nearing the end of its accumulation phase, and the retirement payout phase is coming close.

Life insurance can also cover estate planning. Benefits can cover estate taxes, financial protection for surviving loved ones and the creation of a charitable legacy.

Remodeling or refinancing your home could change your coverage amount

If you recently renovated or refinanced your home, you may need to add coverage or a rider to your life insurance to protect your mortgage payment. Any changes made to the value of your home require a second look at your life insurance coverage to make sure your loved ones would be financially covered in full if you were to pass away.

Check for discounts on your life insurance policy

Did you know that some life insurance carriers offer rewards for healthy living? Whether it be completing a daily exercise regimen or quitting smoking, you could receive benefits such as gift cards, health management devices such as a smartwatch that tracks your activity levels or discounts at certain locations.

Check in with your life insurance agent or the insurance company to see if you can get any discounts on your current policy.

Still need life insurance?

If you’re ready to get a policy in place to protect your finances and loved ones, Quility is here to make it simple. Fill out our 10 minute, completely online application for term life insurance today. If you have any questions, our insurance agents are only a click away.



Quility Insurance

Quility is a modern approach to the traditional process of shopping for and purchasing life insurance.