Life Insurance 101

How often should I review it?

It's wise to review your coverage at least once a year, and whenever something significant changes. Regular reviews keep your policy aligned with your real needs.

By Trevor Perron, Independent Insurance Advisor · Serving Manitoba & Ontario

Review at least annually

Even when nothing major has changed, an annual check makes sure your coverage still fits.

And after major life events

• Marriage: update beneficiaries and reflect a spouse's needs;
• A new child: growing obligations often mean more coverage;
• Starting a business: you may need protection for the business itself;
• Divorce: revisit beneficiaries and coverage;
• Buying a home: a new mortgage usually means more coverage;
• Retirement: your obligations shift, and so might your coverage.

Changes in health

If your health improves or declines, it can affect both your coverage and your cost — another reason to keep the conversation going.

The bottom line

An annual review with your advisor keeps your plan current and gives you peace of mind that it still does its job. It's a standing part of how I work with clients.