Definition

An evaluation of your current insurance benefits to ensure they still meet your needs. Regular reviews help you avoid gaps and unnecessary expenses.

What to consider

  • Check that benefits align with current needs.
  • Compare with industry standards.
  • Adjust contributions or coverage if necessary.

Real world scenarios

  • An employee holds a benefit review meeting to assess health and retirement options offered by the employer.
  • A small business reviews its benefit package annually to remain competitive.
  • An individual evaluates her policy benefits during open enrollment.

Related terms

Insurance & Financial Protection