10 Signs You Need a Life Insurance Policy Review in the Philippines

Having life insurance already puts you ahead of many people.

Ensure your policy still fits your current situation.

Table of contents

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1. Income changed

2. Marriage, separation, or a new child

3. New big debt

4. Beneficiaries are outdated

5. Late or missed premiums

6. You have a VUL that you have not checked in 12 months.

7. Health changed

8. Dependents changed

9. You cannot explain the purpose in one sentence.

10. Policy is 3 to 5 years old with no annual review.

11. What a proper policy review looks like

12. Documentation, the part most people miss

13. Simple next step

TL;DR

If your life has changed, it’s time to review your policy.

If you answered “yes” to two signs, schedule a review within 30 days.

If you answered “yes” to four or more, schedule your review within 14 days.

Why this matters

Most policy problems arise because people don’t review them after life changes, not because the products are bad.

In my practice, I also handle orphan clients, those I absorbed from advisors who resigned. Orphan policies often have outdated beneficiaries, missing documentation, and no recent review.

I help 613 clients with over 700 insurance accounts. This experience shows what usually goes wrong and what a good review should look like.

A good policy review covers four main points:

1. Coverage, is it still enough?

2. Beneficiaries, are they still correct?

3. Premium sustainability, can you maintain it?

4. Purpose, does it still fit your goals?

Here are 10 signs that it’s time to schedule a policy review.

1. Your income changed a lot.

If you got a promotion, started a business, lost your job, or switched from employee to freelancer, your cash flow has changed. Your policy might no longer fit your needs.

What to check:

Coverage amount vs your family’s current needs

Premiums vs what you can realistically maintain for the next 5 to 10 years

2. You got married, separated, or had a child.

When your family changes, you may need to update your beneficiaries and increase your coverage.

What to check:

Beneficiary list and allocation

Coverage level for a growing household

3. You bought a house or took on a big debt.

Taking a loan increases your financial risk. If something happens to you, the debt remains.

What to check:

Coverage that can pay off the loan balance

Income replacement for day-to-day household expenses

4. Your list of beneficiaries is no longer up to date.

This is one of the most common and costly mistakes people make.

Red flags:

Your beneficiary is an ex.

A listed beneficiary is already deceased.

Your spouse and children are not listed correctly.

The distribution is no longer what you want.

What to check:

Correct names, relationships, and percentages

Alignment with your estate plan and family situation

5. You have paid your premiums late or missed payments in the past.

Paying late can cause problems with your policy if it happens more than once.

What to check:

Current policy status

Grace period rules

Lapse history, if any

Whether the payment mode still works for you

6. Check your VUL at least once a year. There is no need to do it daily or weekly.

What to check:

Current fund value

Current fund allocation vs your risk tolerance

Policy charges and their impact on long-term sustainability

Whether the plan still supports its original purpose and timeline

7. Your health changed

A new diagnosis, new medication, smoking, or changes in your weight can affect your insurance options.

What to check:

Whether you should increase coverage while still eligible

Whether riders still match your needs

Whether you should supplement with another plan instead of replacing it

8. Your dependents changed

Your children may have finished school. Your parents might now depend on you. You could be supporting a sibling or caring for a child with special needs.

What to check:

Who truly depends on your income today

Whether your coverage matches that responsibility

9. You find it hard to explain what your policy is meant to do.

If you cannot explain the purpose in one sentence, your policy might not match your needs.

Common purposes:

Income replacement if you pass away

Mortgage protection

Education protection

Estate liquidity planning

Business continuity

10 A review is not a sales pitch. It is a way to maintain your policy.

What to check:

Coverage adequacy today

Beneficiary accuracy

Premium sustainability

Riders, exclusions, and policy status

Alignment with your family and estate plan

11. What a proper policy review looks like

Here’s the process I follow when reviewing policies with clients:

1. Clarify the goal of the policy today.

2. Compute the coverage gap based on current responsibilities.

3. Check beneficiary designations and update if needed.

4. Check if your policy is still sustainable, especially if you have a VUL.

5. Decide whether to keep, adjust, add coverage, or restructure

12. Documentation: the step most people overlook

Policy reviews often fail because of poor documentation. People discuss changes, but forms are left incomplete, signatures are missing, and requirements are not submitted correctly.

As a result, nothing gets done. To avoid these pitfalls, prepare these key documents before your review: a copy of your policy, recent payment receipts, identification documents, and any correspondence related to your insurance.

This preparation can streamline the review process and ensure all necessary information is available.

This is also why orphan clients get stuck. Many were never told which documents to prepare or were not guided through the right submission process.

My secretary handles administrative tasks. She helps us coordinate requirements, track forms, follow up on documents, and keep records organized so we can act on the review results.

13. Simple next step

Here’s a quick self-check:

If you answered yes to two or more signs, set up a policy review within 30 days.

If you answered yes to four or more signs, act right away. Schedule your review within 14 days to address your policy quickly.

To make your review go faster, prepare these items before your appointment:

Policy number(s)

Latest statement or latest fund value if VUL

List of dependents and ages

Outstanding loans and approximate balances

Your preferred beneficiaries and the distribution you want