Spring Clean Your Life Insurance Policy: What to Review This Season

Spring is a season of renewal. As you dust off the cobwebs, declutter your home, and swap out winter wardrobes, don’t forget one of the most important things to refresh—your life insurance policy. Just like your closets and finances, your life insurance needs a regular checkup. A spring policy review can help ensure you’re still on track to protect your loved ones and meet your long-term goals.

Why a Spring Policy Review Matters

Life doesn’t stand still, and neither should your life insurance coverage. A lot can change in a year—marriages, births, home purchases, career moves, and health updates. By taking a fresh look at your policy each spring, you ensure it still aligns with your current situation and future needs.

Just like spring cleaning helps prevent the buildup of clutter, an insurance review helps prevent gaps or redundancies in your coverage. It’s also a great time to review any pending changes from the new year and incorporate any tax planning strategies that emerged during the recent tax season.

Key Areas to Review in Your Policy

1. Coverage Amount

Ask yourself: Is the death benefit still enough to support my beneficiaries if something happens to me?

Major life events may have changed the amount of coverage you need. If you’ve recently had a child, taken on a mortgage, or experienced a significant increase in income, your existing policy may not be sufficient. On the flip side, if you’ve paid off debt or your children are financially independent, you may be overinsured and paying more than necessary.

2. Policy Type

Are you still in a term policy that’s nearing expiration? Or do you have a permanent policy that no longer fits your financial goals?

Spring is a good time to evaluate whether your current policy type—term or permanent—still suits your needs. Term policies are great for temporary needs, but if you're thinking about estate planning, cash value accumulation, or lifelong protection, it may be time to consider a permanent option.

3. Beneficiary Designations

This is one of the most commonly overlooked parts of a policy review. Make sure your designated beneficiaries are up-to-date.

If you’ve gotten married, divorced, had children, or lost a loved one, your current beneficiary setup may not reflect your wishes. You should also consider contingent beneficiaries and how the benefit is split among them.

4. Premium Payments

Are your premiums still affordable? Do you understand how they’ll change over time?

If you have a term policy nearing renewal, your premiums may spike. If you’re struggling with premium payments, it might be worth discussing a policy adjustment or exploring conversion options to make coverage more manageable.

5. Policy Riders

Riders are optional add-ons that provide extra benefits, such as living benefits, disability waivers, or accelerated death benefits.

Spring is a great time to reassess whether these riders still make sense for your situation. Perhaps now is the time to add a long-term care rider or remove coverage that’s no longer necessary.

Additional Questions to Ask During a Review

• Have my financial goals changed in the last year?

• Do I have any new debts or financial responsibilities?

• Has my health improved or declined?

• Am I planning to retire or change careers soon?

• How does my life insurance policy fit into my estate plan?

Reviewing Employer-Sponsored Policies

If you have group life insurance through your employer, spring is also a good time to review the details—especially if you’ve changed jobs. Group policies often offer limited coverage and aren’t portable if you leave your job. You may need a supplemental individual policy to ensure full protection.

Work With a Trusted Professional

An insurance professional can guide you through a policy audit and make recommendations based on your life stage, family needs, and financial goals. They can also help you compare options if it’s time to switch or upgrade your policy.

Make It a Seasonal Habit

Add “life insurance review” to your annual spring-cleaning checklist. It’s a simple step that can bring peace of mind all year long, knowing your loved ones are protected and your coverage keeps pace with your life.