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 what you already own before changing it.
An insurance review should clarify coverage, cost, duration, beneficiaries, guarantees and gaps. It should not begin with the assumption that an older policy must be replaced.
Why people look for this coverage
The need usually becomes clear when one of these risks feels too large to carry alone.
- 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- Beneficiaries or ownership details may be outdated.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
A practical next step