HOW TO REVIEW AND UPDATE YOUR LIFE INSURANCE POLICY
Kelly Insurance Group helps individuals and families conduct thorough life insurance policy reviews — checking coverage adequacy against current income and obligations, confirming beneficiary designations are current, evaluating permanent policy performance, and identifying what to update and when.
CHECK EACH ITEM YOU CAN CONFIDENTLY SAY YES TO ABOUT YOUR CURRENT COVERAGE.
Items you cannot check are the starting point for your review conversation with Kelly Insurance Group.
Check each item you can confidently say yes to.
BOOK A POLICY REVIEWWHAT A THOROUGH LIFE INSURANCE REVIEW ACTUALLY COVERS.
START WITH THE COVERAGE AMOUNT VERSUS YOUR CURRENT SITUATION
The most important question in any policy review is whether the death benefit reflects your current income and obligations — not the situation that existed when the policy was issued. Income grows, mortgages change, children arrive, college funding becomes relevant. A policy adequate at 32 often significantly understates the actual need at 42.
REVIEW BENEFICIARY DESIGNATIONS EVERY TIME THE ESTATE PLAN CHANGES
A life insurance policy pays the named beneficiary regardless of what the will says. Former spouses, deceased parents, and minor children named directly are all beneficiary problems that a simple review prevents. Every policy — including group employer coverage — should have designations reviewed at every major life event and at minimum every three years.
FOR PERMANENT POLICIES — REQUEST A CURRENT IN-FORCE ILLUSTRATION
A whole life or universal life policy issued more than three years ago should be reviewed against a current in-force illustration — a projection based on current assumptions. Universal life policies from prior decades are particularly prone to underperformance relative to original projections, creating lapse risk if not identified and corrected.
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FREQUENTLY ASKED QUESTIONS.
How often should I review my life insurance?
At every major life event and at minimum every three to five years even if nothing significant has changed. Income grows, debt balances shift, and children move through stages of dependency that all affect the coverage calculation.
What is an in-force illustration and why do I need one?
An in-force illustration is a projection of a permanent life insurance policy's future performance — cash value, death benefit, required premiums — based on current assumptions. For universal life, it shows whether the policy is funded adequately to maintain coverage to the intended age. It is how you find out whether a policy you have been paying into for years is still on track.
What should I check first in a life insurance review?
Start with coverage adequacy — does the death benefit reflect your current income and obligations? Then check beneficiary designations on every policy. For permanent policies, request an in-force illustration. For term policies, confirm the remaining term period is sufficient and check whether a conversion option is still available.
What happens if my permanent life insurance policy is underperforming?
Options include increasing premiums to keep the policy on track, reducing the death benefit to extend coverage with existing premiums, converting to a paid-up policy with a lower guaranteed benefit, or replacing with a better-performing product using a 1035 exchange. The right option depends on current cash value, remaining coverage need, and current insurability.
Can I change the beneficiary on my life insurance policy?
Yes. Beneficiary designations on most policies can be changed at any time by completing a change of beneficiary form with the carrier — as long as the designation is revocable, which is standard. Irrevocable beneficiary designations require the current beneficiary's consent to change.
Is a life insurance review free?
Kelly Insurance Group provides life insurance policy reviews as part of the client relationship. A review involves examining current coverage, running updated needs analysis, reviewing in-force illustrations for permanent policies, and confirming beneficiary designations — at no charge. The review may or may not result in any coverage changes; its purpose is to confirm that the program in place is right for your current situation.
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WHEN DID YOU LAST REVIEW YOUR LIFE INSURANCE PROGRAM?
Kelly Insurance Group provides comprehensive life insurance policy reviews — coverage adequacy, beneficiary designations, permanent policy performance, and clear recommendations for what to update and what to keep.
The availability of coverage and eligibility for coverage can depend on numerous factors. We cannot guarantee that all customers, individuals, and businesses looking for coverage will be successful in these efforts when contacting our team. All policy coverages and terms need to be fully reviewed by the respective consumer to ensure the coverage asked for is what is specifically being quoted or provided by any insurance policy. Insurance Policies, Coverage Changes, and their terms and conditions are not bound or altered until written confirmation is provided by one of our licensed team members or underwriters. This page does not offer legal advice, legal opinions, or policy interpretations. Rather, this page is meant as a resource to help provide customers and insurance consumers with additional considerations that may help in their insurance buying or pursuit of insurance information. Kelly Insurance Group does not employ or direct attorneys.
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Disclaimer: Coverage availability and eligibility may depend on many factors, including underwriting review, carrier guidelines, policy terms, state requirements, business operations, risk characteristics, and other information provided during the application or quoting process. Kelly Insurance Group cannot guarantee that every individual, customer, organization, or business seeking coverage will qualify for, receive, or successfully place insurance coverage. All policy coverages, exclusions, conditions, limits, endorsements, and terms should be carefully reviewed by the consumer, insured, or applicant to confirm that the coverage requested is the coverage being quoted, offered, or provided. Insurance coverage, policy changes, endorsements, cancellations, and other policy terms are not bound, changed, confirmed, or altered unless and until written confirmation is provided by a licensed Kelly Insurance Group team member, the applicable insurance carrier, or an authorized underwriter. This page is provided for general informational purposes only and does not provide legal advice, legal opinions, insurance coverage opinions, or policy interpretations. Information on this page should not be relied upon as a substitute for reviewing the actual policy language or consulting appropriate professional advisors. Kelly Insurance Group does not employ, supervise, or direct attorneys.