5 Signs It's Time to Review Your Insurance Policy

Most people buy a policy once and never look at it again — until something changes and it no longer fits. Insurance isn't a "set it and forget it" purchase; it's worth a second look whenever your life does. Here are five signs it's time.

Five signs worth acting on

• Your income changed significantly — a raise, a new job, or starting a business
• You added a dependent, whether a child, a spouse, or an aging parent
• It's been three years or more since you last looked at your coverage
• Your health has improved, which could qualify you for a better rate
• You paid off a major debt, like a mortgage, that shifts what you actually need to cover

Why timing matters

A policy that made sense five years ago was built around your life at the time. Coverage that's too thin leaves a real gap; coverage you've outgrown may mean you're paying more than you need to. Either way, the only way to know is to actually check.

The bottom line

None of these signs mean your current policy is wrong — only that it's worth confirming it still fits. A quick review costs nothing and usually takes less time than people expect.