It is important to review an insurance policy on a periodic basis; especially a policy that you may not have looked at for quite some time.
The easiest way to organize and review your insurance policies is to create a one page policy summary for each insurance policy. A policy summary could be copied from the insurance contract, or you could create your own on a pad of paper, in a word document, or in an excel file.
Most insurance policies contain a page in front of the insurance contract that is called a "policy summary", and will contain most of the information you will want to review.
It is especially important to periodically review life insurance and long term care insurance policies, as people tend to file these types of policies away and not look at them for long periods of time.
A policy summary makes it easy to quickly review an insurance policy. If you create your own policy summary it will help you understand your insurance policy.
An insurance policy summary would contain a section that has the basics of your policy, and a section with details on the benefits and restrictions. When conducting a review of your insurance policies you will want to pay the most attention to the benefits and restrictions.
Here are the things to look at when you review your insurance policies: