Life doesn’t always go as planned — and that’s exactly why insurance exists. But here’s something you may not know: Nearly one in three Canadian adults (31%) admit they don’t have enough life insurance to protect their loved ones (LIMRA, 2024). That means millions of Canadians are at risk of facing financial hardship if something unexpected happens.
And this gap isn’t just about life insurance. It could be your home insurance, car insurance, disability coverage, or even your critical illness plan.
Think about it: When was the last time you looked at your policies? If your answer is, “I can’t remember,” you’re not alone. But here’s the good news — a quick check-up can help you avoid big surprises, save money, and give you peace of mind.
So how do you know when it’s time to review your coverage? Let’s look at five clear signs.
Why Regular Insurance Reviews Matter?
Insurance isn’t a “buy it once and forget it” thing. It’s meant to change with you. The policy you bought five years ago was designed for the life you had then — not the life you have today.
Here’s why reviewing matters:
- Life Events Happen Fast: Getting married, having a baby, changing jobs, or buying a new home all impact your protection needs.
- Your Stuff Changes: You might have renovated your house, bought a new car, or invested in expensive jewellery or electronics.
- Prices & Policies Shift: Insurance companies update products every year. You might be paying too much or missing out on discounts.
- New Options Appear: There may be new coverages available that make more sense for you now.
- Gaps Get Bigger Over Time: A small gap today can turn into a huge financial headache down the road if you need to make a claim.
When you stay up to date, you make sure you’re protecting what matters most.
5 Signs It’s Time for a Policy Review
Here are five big signals that it’s time to call your broker for a check-up.
1. Your Family Situation Has Changed
Family changes are one of the biggest reasons to review your insurance.
Did you get married or separated? A spouse usually means shared assets and joint responsibilities. If you separate, you might want to change your beneficiaries or update who’s covered.
Did you have a baby or adopt a child? New parents often forget to bump up life insurance or disability insurance. More people depend on your income now, so it’s extra important.
Are you caring for aging parents? Supporting elderly parents can mean extra financial responsibilities. This could be a good time to look at long-term care coverage or extra protection for your savings.
Tip: Every new person under your care is a reason to review your coverage.
2. You’ve Moved or Bought a New Home
A new home means new risks. It’s that simple.
Did you move from a condo to a house? A detached house has different coverage needs than a condo. There’s more to insure — the building itself, the yard, maybe a garage or shed.
Did you renovate or add value? A finished basement, kitchen makeover, or new deck can raise your home’s replacement cost. If your policy hasn’t been updated, you might not get enough money to rebuild after a major loss.
Did you move to a different area? Living in a flood zone, near a forest, or in an older neighbourhood might change your premiums or the type of coverage you need.
Tip: Keep receipts for big home upgrades. They help your broker adjust your policy properly.
3. Your Income or Job Has Changed
Your job affects your financial security — and your insurance needs.
Did you get a big raise? Congratulations! But more income means you have more to lose if something happens. Life and disability insurance should keep pace.
Did you switch to self-employment? If you’re now your boss, you likely don’t have work benefits like life insurance or short-term disability. You might want to add these privately.
Did you start a business? Entrepreneurs need to think about commercial insurance, liability coverage, and protection for employees or partners.
Tip: Your coverage should replace your income for at least 10–15 years, so your family isn’t left struggling.
4. You’ve Made Major Purchases
Big purchases mean more to protect.
Bought a new car, boat, or trailer? A new ride is fun — but make sure your auto or recreational vehicle insurance has you covered for replacement value, not just book value.
Invested in high-value items? Standard home insurance might not fully cover jewellery, antiques, or expensive gadgets. “Scheduled property” coverage adds extra protection.
Added business equipment at home? If you work from home, your laptop, tools, or stock might not be covered by a basic policy.
Tip: Take photos of valuable items and store receipts — it makes claims much easier.
5. It’s Been Over a Year Since You Last Reviewed
Sometimes, the biggest sign is simply time.
Even if nothing major has changed, your insurance should be checked at least once a year. Why?
- Insurance markets change. Rates and discounts go up and down.
- Your risk tolerance might have changed — maybe you’d prefer a higher deductible to lower your premium.
- Small changes (like getting a dog or adding a pool) could create new risks.
- You might qualify for new savings by bundling policies.
Tip: Put a yearly reminder in your calendar — just like a dental check-up!
How an Insurance Broker Can Help
You could do this alone… but why make it harder? A trusted broker like Ten O Eight makes reviewing your policies simple.
Here’s how we help:
- Spot the Gaps: We know what to look for. We’ll help find any missing or outdated coverage.
- Compare for You: We check multiple insurance companies to find the best fit for your needs and budget.
- Find Savings: Brokers can often bundle your home, car, or life insurance to unlock discounts.
- Help with Claims: When you need to make a claim, your broker is on your side — guiding you through paperwork, deadlines, and the fine print.
- Keep It Easy: Your broker handles renewals, updates, and changes — so you don’t have to.
And the best part? Using a broker doesn’t cost you extra. Insurance companies pay brokers — not you.
What Happens During a Policy Review?
Most reviews take about 30–45 minutes. Here’s what to expect:
- Update: You’ll share any life changes — family, home, job, or big purchases.
- Review: Your broker will check your policies and see if your coverage still fits.
- Recommend: If needed, we’ll suggest updates or better options.
- Adjust: You decide what to keep, add, or change.
- Relax: Your broker handles the paperwork and follows up next year.
FAQs
Q: Does a policy review cost money?
Nope! It’s free with your broker.
Q: Will my premium go up?
Not always — sometimes we find ways to lower it! If you do need more coverage, it’s worth the peace of mind.
Q: What if I’m already covered?
Great! You’ll leave the review feeling confident. If there’s room for improvement, we’ll let you know.
Q: How often should I review?
At least once a year or whenever you have a major life change.
Take the Next Step — Book Your Free Policy Check-Up
You don’t need to figure this out alone. Our team at Ten O Eight is here to make insurance feel simple — not stressful.
- Save money by finding discounts.
- Close coverage gaps that could cost you later.
- Gain peace of mind knowing you’re protected.
Ready to get started?
Contact us today!
When life changes, your coverage should too — and we’re here to help every step of the way.
