When Should You Review Your Insurance Plan?

You bought your insurance policy years ago and haven’t looked at it since. Sound familiar?
You’re not alone—many Canadians set up their insurance once and forget about it. But as life changes, your coverage should change too.

At Tiki Wealth, we often remind clients: insurance isn’t “set it and forget it.” Regular reviews ensure your plan still protects what matters most.

So, when exactly should you review your insurance plan? Let’s find out.

1. Major Life Changes

Life moves quickly—marriage, new jobs, babies, or home purchases all change your financial responsibilities.
You should review your insurance anytime you:

• Get married or divorced

• Have a child

• Buy a home

• Start or close a business

• Take on new debt

Each of these moments means your protection needs likely shifted. Updating your coverage ensures your loved ones and lifestyle stay secure.

2. Changes in Income or Career

A promotion, a new business venture, or retirement all affect your financial picture. If your income increases, you might need more coverage to match your higher standard of living.
If it decreases, you may want to adjust premiums or explore more affordable plans.

👉 Pro tip: Self-employed Canadians should review their disability and health insurance more often, since they don’t have employer benefits.

3. After Paying Off Major Debts

Once your mortgage, car loans, or business loans are paid off, your financial obligations change. This is a great time to reevaluate life insurance amounts—you may be able to reduce coverage or reallocate funds toward savings or investments.

4. When Your Family Grows (or Shrinks)

Whether it’s welcoming a new baby, sending kids to university, or becoming an empty nester, your family’s financial needs evolve.
Make sure your life insurance, health coverage, and beneficiaries reflect your current reality.

5. Every 2–3 Years—Even Without Major Changes

Even if nothing big has changed, it’s still smart to do a policy checkup every few years.
Why?

• Premiums and policy options may have improved.

• You might qualify for better rates based on your current health or lifestyle.

• You’ll stay updated on new products or riders that offer better protection.

6. When You Hit Milestones

Turning 30, 40, 50—or nearing retirement—are perfect times to reassess. Your financial priorities evolve, and so should your coverage.

For example:

• In your 30s, focus on income protection and family coverage.

• In your 50s, shift focus toward retirement income and healthcare planning.

Final Thoughts

Insurance is designed to grow with you, not stay frozen in time. Regular reviews ensure your plan continues to protect your loved ones, income, and future goals.

At Tiki Wealth, we help Canadians simplify the review process and make sure every dollar of coverage still works for them.

👉 Ready for a quick insurance checkup? Book a review with us today and keep your protection up to date.