September marks Life Insurance Awareness Month, a national reminder of just how important it is to protect the people and things that matter most. For many, life insurance is one of those “set it and forget it” financial tools. You purchase a policy, pay the premiums, and rarely think about it again. But just like your health, your home, or your car, your life insurance needs routine checkups.
This month is the perfect opportunity to pause and review your coverage. Doing so ensures your policy still aligns with your current financial situation, family responsibilities, and long-term goals.
Why an Annual Life Insurance Checkup Matters
Life rarely stands still. A policy that worked well five years ago might not provide the right protection today. Reviewing your coverage annually helps you:
- Keep up with life changes: Marriage, divorce, having children, buying a home, or starting a business can significantly affect the amount of coverage you need.
- Stay financially protected: As debts decrease or savings increase, you may be overpaying for more coverage than you need—or you may discover you need additional protection.
- Ensure beneficiaries are up to date: Life events can change who you want to leave your policy benefits to. Regular reviews prevent outdated designations.
- Adapt to rising costs: Inflation and lifestyle changes mean your original coverage amount may no longer stretch as far as intended.
- Take advantage of better options: The life insurance industry evolves. New products, riders, or more affordable rates may be available now compared to when you first purchased your policy.
Key Areas to Review in Your Policy
When revisiting your life insurance coverage, pay close attention to:
- Coverage Amount – Does your policy provide enough to cover living expenses, debts, education costs, or other financial goals for your loved ones?
- Policy Type – Is your current policy (term, whole, or universal life) still the best fit for your needs?
- Premium Costs – Are your premiums still manageable within your budget, and are there ways to reduce costs without sacrificing coverage?
- Beneficiary Designations – Make sure names, relationships, and distributions reflect your current wishes.
- Policy Riders – Consider adding riders (such as critical illness, long-term care, or disability waiver of premium) if your needs have changed.
When You Should Seek Professional Guidance
While self-reviews are valuable, a professional perspective can be even more powerful. Insurance advisors can help you:
- Compare your policy against current products on the market.
- Identify potential gaps in coverage.
- Customize solutions for your family’s unique circumstances.
- Ensure you’re not paying more than necessary.
Life Insurance Awareness Month is a reminder that life insurance is about having the right policy. Taking the time to review your coverage ensures your loved ones are protected no matter what the future holds.
If it’s been more than a year since your last review, now is the perfect time to sit down, assess your needs, and make any updates. By keeping your policy current, you can move forward with peace of mind knowing that your financial safety net is secure.
If you’re looking for a life insurance policy that suits your specific needs, trust the Feltner Group to match you with the right plan for lasting peace of mind.