Read the existing contract
Policy type, riders, renewal dates, expiry ages, cash values, guarantees, exclusions and beneficiaries should be documented. Illustrations and summaries are useful, but the contract controls.
Insurance policy review
Understand existing coverage before making a change.
Review policy ownership, beneficiaries, benefits, premiums and limitations against your current priorities. A review does not presume replacement; any change should consider what you may lose as well as gain.
Where planning can help
Protect what matters. Keep your next chapter in view.
- The policy was purchased years ago and no longer matches current responsibilities.
- Premiums, renewals, riders or expiry dates are not clearly understood.
- A new quote looks attractive, but the value being surrendered is unclear.
- Beneficiaries or ownership details may be outdated.
Recalculate the current need
Life changes can increase or reduce the financial gap. A new mortgage, child, business interest or income change may create new responsibilities, while repaid debts may reduce others.
Treat replacement as a serious decision
Replacing coverage can restart contestability and suicide periods, require new underwriting, change guarantees and create surrender charges or tax consequences. Existing insurance should normally remain in force until new coverage is approved, accepted and effective.
- Compare benefits and exclusions
- Document what will be lost
- Review surrender values and charges
- Complete required replacement disclosures
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