WHEN A REVIEW MAY HELP
Situations worth a closer look
- A policy is approaching a renewal, conversion date or premium change
- Your family, mortgage, debt, income or employment has changed
- You changed employers and want to compare workplace and personal coverage
- You started or incorporated a business
- You no longer remember why a policy was purchased or what riders it includes
WHAT WE CAN REVIEW
Bring the current picture together
Coverage amount and original purpose
Policy ownership and beneficiary designations
Term length, renewal dates and conversion options
Premium structure and how it may change
Riders and supplementary benefits
Changes in family, employment, debt, income or business circumstances
Possible duplication, unsupported responsibilities or outdated assumptions
Insurance policies are often purchased at a specific moment: a mortgage, marriage, birth of a child, business loan, partnership or job change. Years later, the policy may still be in force while the reason for buying it is less clear.
A policy review should answer two separate questions. First, what does the existing contract actually provide? Second, does that coverage still fit the responsibility it was intended to support?
Understand the contract before comparing alternatives
Important features can include coverage amount, term, renewal schedule, conversion privileges, premium structure, riders, exclusions, ownership and beneficiaries. Permanent policies may also have guarantees, cash values or other contract features that require careful review.
Comparing only the premium can miss important differences.
Changes do not automatically require replacement
A larger mortgage, higher income or new family responsibility may justify a review, but a review does not automatically mean additional insurance. Likewise, an older policy with a higher renewal premium may still have valuable features or conversion options.
If a replacement is considered, underwriting, new contestability periods, exclusions, policy features and the risk of losing existing coverage all need attention.
Important: Do not cancel an existing policy until any new coverage has been approved, accepted, paid for and confirmed in force.
Important limitations and trade-offs
- A review does not automatically mean replacing a policy.
- Older policies may contain valuable terms, pricing or guarantees that cannot be recreated.
- New coverage may require underwriting and may not be available on the same terms.
- Do not cancel an existing policy until any new coverage has been approved, accepted, paid for and confirmed in force.
How the consultation works
- Understand the current arrangement. Review what is already in place and what has changed.
- Clarify the question. Identify what deserves attention and what may already be appropriate.
- Evaluate available options. Discuss alternatives only where there is a clear reason, subject to eligibility, suitability and licensing requirements.
COMMON QUESTIONS
Questions worth asking
Does a policy review mean you will recommend replacement?
No. The first objective is to understand the existing policy and whether it still serves its intended purpose. Keeping the policy unchanged can be an appropriate outcome.
What documents are useful for a review?
A recent policy statement, original policy summary, renewal notice, benefit schedule or workplace-benefit booklet can be useful. Sensitive information should be shared only through an appropriate secure process.
Why can replacing insurance be risky?
New coverage may require underwriting, could cost more, may contain different exclusions or contestability provisions, and may not be approved. Existing coverage should remain in force until any replacement is fully approved and confirmed.
Can you review a policy you did not originally sell?
Yes. The review can focus on understanding the contract and current fit. Access to detailed insurer information may depend on the policy and authorization available.