Every September, First Financial Security (FFS) participates in Life Insurance Awareness Month (LIAM) to highlight the value of financial protection. This year, our theme has been Life Insurance Step by Step — a four-week journey through the process of securing coverage.
We’ve covered the basics, explored how to choose the right policy, and walked through the application process. Now, in our final week, we turn to an often overlooked but essential part of the journey: keeping your coverage up to date.
Why Annual Reviews Matter
Life doesn’t stand still, so why should your life insurance coverage? A policy that fit five years ago may be leaving gaps today. Your family grows, debts change, goals shift —your coverage should change and grow with you. Regular reviews ensure your policy continues to meet your needs.
A policy that fit five years ago may be leaving gaps today.
Common Times to Update Your Policy
Consider reviewing your coverage when:
- You marry, divorce, or welcome a child.
- You buy a home or take on new debt.
- You start, expand, or sell a business.
- Your income changes significantly.
- You approach retirement and want to secure your legacy.
How to Review Coverage
Every year, a licensed professional can help you:
- Reevaluate your coverage amount.
- Convert term policies into permanent coverage if needed.
- Add or adjust riders (including living benefits for critical illness or disability).
- Ensure your beneficiary designations are current.
Even small adjustments can make a big difference in ensuring your coverage reflects your life today. Too often, families discover too late that their policies no longer fit their needs. Outdated coverage can quickly turn a strong financial plan into a weak one, leaving beneficiaries short of funds, or worse.
Making Protection a Habit
The best practice is to treat life insurance reviews like an annual check-up. Just as you see a doctor to ensure your health is on track, you can revisit your coverage to confirm your financial protection is strong. Proactive reviews prevent unpleasant surprises later.
Outdated coverage can quickly turn a strong financial plan into a weak one.
LIAM reminds us that life insurance isn’t a one-time purchase — it’s a lifelong commitment to protection. By updating your coverage as life changes, you ensure your financial safety net is as dynamic as your life itself. That’s the final step: keeping protection relevant, effective, and reliable for every stage of the journey.
