Great consideration goes into choosing who will be the beneficiary of a life insurance plan, but as life goes on, our initial intentions can change. This imposes the importance of continual review for your life insurance policy. When life changes occur, your life insurance beneficiaries should be reviewed to ensure they are still the best fit. Some common life changes that should key you into reviewing your policy are birth, adoption, change in marital status, and death. Group plans through employers also need to be reviewed as they are often forgotten about at these life stages. So, although it is important to review your beneficiaries at these times, it is good practice to consider about once a year.
See Brad Cummins, When to Update Your Life Insurance Beneficiaries, Investopedia, May 17, 2016.
