Most people arrange life insurance for a specific reason and then put the paperwork away. A mortgage, a new child or a partner's reliance on one salary may have prompted the decision. Several years later, the family budget, job and health may all have changed. A review can show if the policy still does the job you bought it to do.

If you have diabetes, take particular care before replacing existing cover. A new application usually involves a fresh assessment of your current health and age. That could affect the price or terms available, even if your old policy is still working as agreed.

Look at the old policy before requesting a new one

Write down the sum insured, the date the cover ends, the monthly premium and the type of policy you hold. If you have several policies, note what each one was bought to protect. A policy linked to an old mortgage may have a different purpose from cover intended to support your children.

When comparing Diabetes Life Insurance, keep the existing policy documents beside the new offer. You can then check the amount of cover, term and special conditions on both. Do not cancel existing cover because an online estimate looks cheaper. Wait for confirmed terms and the start date of any replacement policy before deciding what to change.

MoneyHelper advises that people who develop a medical condition after taking out life cover generally do not have to tell their existing insurer unless the policy specifically requires it. Check your own policy rather than assuming a general rule applies to every contract. A new application is different: answer all medical questions truthfully using your current information.

Recalculate what your household needs

Your mortgage balance may be lower now, but childcare or other living costs may have risen. A partner might have changed their hours, or an older child might no longer rely on your income. Go through the present monthly budget and the money available from savings or employer benefits. Then ask what would remain unpaid if you died during the next few years.

Pay attention to the policy end date. A cover amount can look generous while being due to expire before the financial commitment it was meant to protect. Equally, there may be a reason to reduce cover after a debt is fully repaid. Reviewing the reason for the insurance keeps the decision anchored in your household's current finances.

If you have moved jobs, check if any death-in-service benefit from the previous employer has ended. Find out what the new employer provides and when eligibility starts. Workplace cover can be useful, but it might not follow you into another role. If you have become self-employed, look closely at the gap left by employment benefits.

Consider what a new medical assessment means

If you apply for additional or replacement cover, an insurer can ask about your diabetes type, treatment, latest HbA1c and any complications. You may also need to disclose other changes to your health. A better recent reading is useful information, but it does not guarantee a lower premium. The insurer will consider all the information and the cover requested.

If your health has improved, ask if comparing new policies makes sense, but keep the old cover until you have assessed the complete offer. If your health has become more complicated, your existing cover may be particularly valuable. Do not assume a new application is necessary merely because your diagnosis or treatment changed after your current policy began. Read the contract and ask the insurer if you are uncertain about a specific obligation.

Some policies have options for changing the amount of cover after certain life events. Others require a new application or have limits on changes. Check the exact wording and any deadline. An option that suits one person's policy may not be available on another, even with the same insurer.

Make the review useful for the people who matter

Check who would receive a payout and if the relevant contact details are up to date. A marriage, separation or new child may be a reason to seek advice on nominations, trusts or your will. Life insurance, a will and pension death benefits can follow different arrangements. If your intentions are unclear, get appropriate legal or financial advice instead of assuming they will all automatically work together.

Tell a trusted person that cover exists and where to find the documents. They do not need to know every medical answer in your application, but they should know the insurer's name, policy number and how to begin a claim. Make a calendar reminder to review your cover after another major change, and keep a record of the decisions you made this time.

A review is successful when you can explain what the policy would pay, how long it lasts and which need it meets today. If those answers are clear and the cover remains affordable, you may have little to change. If they are not, you have a practical starting point for asking better questions before making a decision.