Identify the policy
- Policy type and insurer
- Owner and insured person
- Premium and renewal or expiry date
Plain-language guide
A practical policy-review checklist.
Use these questions to prepare for a clearer conversation about what you own, who it protects, and what may need updating.
Before the conversation
Start with facts, then write down the questions.
You do not need to understand every policy term before asking for help. Collect what you can, remove sensitive details from anything you plan to share electronically, and use this checklist to identify what needs a plain-language explanation.
Review beneficiaries
- Primary beneficiary
- Contingent beneficiary
- Whether the designations still reflect your intentions
List the coverage
- Benefit amount
- Riders, guarantees, and exclusions
- What changes over time
Note life changes
- Family or caregiving changes
- Debt, income, or business changes
- New estate or legacy priorities
Ask plain questions
- What is guaranteed?
- What can change?
- What happens if a premium is missed or the policy is cancelled?
Confirm the next step
- Ask for important explanations in writing
- Ask what may be lost if the policy changes
- Do not act until you understand the tradeoffs
Trusted starting points
Read the policy, then use independent sources.
The Financial Consumer Agency of Canada recommends reading a policy carefully, understanding what it covers and does not cover, and reviewing beneficiary designations from time to time.
Educational checklist only. It is not a recommendation to buy, replace, cancel, or change a policy. A licensed review is required for advice specific to you.