As a parent, having a life insurance policy is one of the most important things you can do for your family. However, just like any other financial plan that you put into place, you can't just buy it and forget about it. If you want to get the most coverage for your money, you need to revisit your policy periodically and consider the pros and cons of refinancing. Also, as your life changes, your life insurance needs change too. So you need to make sure the policy you have is enough to cover your needs.

"I had a small policy that would cover my burial expenses with a little left over," says Matt Kraycar, a dad from Hilton Head Island, S.C. "But when my son was born, I refinanced to get more coverage." Kraycar wanted to make sure that his family wouldn't be financially affected by his death, so a refinance made sense.

But refinancing isn't always a smart decision for everyone. If you're thinking about refinancing your life insurance, consider the following tips for knowing when to do it and whether or not it is a good idea for your family.

Refinancing your life insurance policy gives you the opportunity to increase, or decrease, your coverage and lower your premium.

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