How often should you or your agent review a policy? Some policies such as universal life are high maintenance. Other policies such as whole life are low maintenance. Universal life allows flexible premium payments, which is too much freedom for some consumers. Not paying enough over an extended period of time can cause a universal life policy to cancel. Annual reviews of universal life help to make sure the premiums paid are not too low. Whole life only needs to be reviewed when there is a life event: marriage, birth, divorce, etc. Life events sometimes warrant a beneficiary change.