1. Who depends on your income or care?

Start with people, not a product. Consider a spouse or partner, children, aging parents, a family member with special needs, or anyone who relies on unpaid work you provide. Also list financial responsibilities that could remain, such as a mortgage, education costs, business obligations, final expenses, and household debt. This gives your coverage review a clear purpose.

2. Does the benefit amount still match that purpose?

Income, debts, savings, family size, and goals can change over time. Compare the need you identified with the death benefit on each personal and employer policy. The NAIC consumer guide recommends considering income replacement, debts, final expenses, education needs, and assets already available. A needs review is more useful than relying on a one-size-fits-all multiple of income.

3. Are your primary and contingent beneficiaries current?

Review the actual beneficiary designation held by the insurance company after a marriage, divorce, birth, adoption, death, or other major family change. Confirm full names, contact information, percentages, and a contingent beneficiary in case a primary beneficiary dies first. Naming a minor or using a trust can create legal and administrative questions, so consult a qualified attorney before making those choices.

4. Do you understand how long each policy lasts?

Write down whether each policy is term or permanent, when a term policy ends, whether it may be renewed or converted, and the deadlines and costs that apply. For permanent coverage, review the latest annual statement and ask how premiums, loans, withdrawals, policy charges, and non-guaranteed values may affect the death benefit or the policy's ability to stay in force.

5. Would a job change affect your coverage?

Employer life insurance can be valuable, but the amount and portability rules belong to the plan. Ask human resources what happens if you retire, reduce hours, or leave the employer, and whether conversion or portability deadlines apply. Knowing this before a job change gives you time to consider alternatives while your health and options may be different.

6. Could your family find the policy and file a claim?

Give a trusted person the insurer's name, policy number, agent or service contact, and the location of your records. Keep the current policy and beneficiary confirmation with other important documents, but do not place the only copy somewhere your family cannot access. Tennessee regulators reported on May 29, 2026 that the NAIC Life Insurance Policy Locator connected Tennessee requesters with more than $107 million in policy benefits during 2025—a reminder that even valid coverage cannot help promptly if no one knows it exists.

7. Have you separated insurance questions from tax or legal questions?

The IRS says life insurance proceeds paid because of the insured person's death are generally not included in a beneficiary's gross income, while interest paid on those proceeds is generally taxable. Ownership changes, trusts, business arrangements, policy transfers, cash-value transactions, and estate issues can be more complicated. Use an insurance professional for policy questions and a qualified tax or legal professional for advice in those areas.

A 15-minute review you can do today

Gather every personal and employer policy, list the purpose of each one, confirm the benefit amount and end date, check both levels of beneficiaries, and make sure a trusted person knows where the records are. Then note the questions you want answered. A short review now can prevent a much harder search later—and it gives your family something more useful than a mystery folder labeled 'important papers.'

Authoritative sources

Rules and figures were reviewed September 1, 2026.

Educational information only

This article is general information and is not legal, tax, investment, or plan-specific advice. Coverage, costs, eligibility, and product availability vary by carrier, location, and individual circumstances.