The only constant in life is the fact that it’s always changing. MiWayLife knows this, which is why our life insurance policies are created with flexibility in mind. This way, you can review and tweak your policy as needed to ensure you always have the right amount of coverage.

How Often Should I Review My Life Insurance Policy?

As a rule of thumb, it’s a good idea to review your life insurance policy once a year, even if it’s just to make sure your basic information, like your address and telephone number, is still up to date. Still, there are certain things that should inspire a quick review and possible change straight away. Here are just a few of them.

Major life events

Getting married or having children are big prompts to take a closer look at your life insurance policy. Most people would want their spouse or children to be a beneficiary of their life insurance policy’s payout. This is why you can add to your list of beneficiaries at any time. You can also remove beneficiaries as you wish for whatever reason. As an example, if you got divorced, you might want to remove your ex as a beneficiary, but you’d want to do that fast. If you had to pass away prior to making the change, your ex will receive the benefit. Remember, your beneficiaries can do whatever they like with it – including spending it on their new partner. This is just one reason why it’s important to ensure your life insurance policy is always up to date. 

A change in income or debt

Just got a big raise? Bought a new house and now owe the bank a large amount of money? This is a good time to increase your coverage amount. This way, should you pass away, your family can maintain their new standard of living as well as pay off any debt. In the same vein, if your income had to decrease or you managed to pay off that house, you might want to think about reducing your cover amount. 

If you have a life insurance policy with MiWayLife, you can adjust your cover amount at any time and this will be reflected in your premiums. In short, the more coverage you have, the higher your premiums will be and vice versa. 

Changes in financial goals 

Most of us have financial goals but life has other ideas which is why these goalposts are likely to change. Happily, your life insurance policy can easily be adapted to suit your new needs. As an example, if you plan to retire soon and no longer need income replacement, you might want to reduce your coverage. Want another example? If all of your children have completed their education, they may not need as large of a financial safety net as they did when they were younger. 

Remember, as your life evolves, so should your life insurance policy and – with MiWayLife – you’ll get to enjoy the flexibility to do exactly that. 

Did you know:

You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.