Do you get a physical once a year? Do you bring your car in for service once a year?
Do you have your life insurance independently reviewed once a year?
A life insurance policy is a living, breathing document. More importantly it is a legal agreement between the insurance company and the owner of the policy. Very often it has provisions and options that must be managed. If not the owner of the policy can loss valuable rights given to them.
For example many policy guarantees are subject to specific payments made at specific times. One missed or late payment can sometimes void a guarantee. Additionally, many term policies have very specific windows to convert to a permanent policy without evidence of insurability. Many policy owners miss this window due to a lack of paying attention to important dates.