What Issues Should I Consider When Reviewing My Health And Life Insurance Policies?

A client’s life and health insurance policies are a key part of their overall financial plan. It’s important to ensure that these policies are reviewed each year to ensure that your client has the coverage they need. If there are gaps you can work with them to fill these gaps.

In this checklist we focus on items to review your client’s policies. Some examples include the following:


Health insurance

  • If clients are married and both have access to health coverage does it make sense for them to each take their own coverage or to choose the better of the two plans and both be covered under that one?
  • If the clients are paying for coverage on their own, has their situation changed such that they should consider shopping for a new policy?
  • If the client is retired and on Medicare, they should ensure that they review their situation each year to see if they need to make any changes during the annual enrollment period. They also need to ensure that they either have credible drug coverage or that they select a Part D option in order to avoid lifetime penalties. 


Life insurance

  • If the client is covered by life insurance offered by their employer, have the coverage options or limits changed?
  • For those who own permanent life insurance it’s a good idea to review the policy including how any dividends are being applied and how the policy is performing.
  • For those who own a term policy, review the time left on the policy’s term and if their needs have changed.


Disability insurance

  • If the client’s employer provides disability insurance, have there been any changes to this coverage. Also be sure the client understands all of the parameters of the coverage to ensure that it meets their needs.
  • Review all of the client’s other potential sources of disability income such as Social Security and their own personal savings.

Long-term care insurance

  • Review the terms of the policy to ensure that they still meet the client’s needs. This includes covered services, the benefit amounts and any riders such as inflation protection.
  • Has the client received a large increase in their premium? If so, it might make sense to review other options for them.


This is a comprehensive checklist of the types of issues that advisors should be discussing with their clients when reviewing their life and health insurance policies. These types of policies play a key part in their overall financial plan and in protecting their family’s assets.